Open Text (NASDAQ:OTEX) Downgraded by StockNews.com to Buy

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Monday.

Other equities analysts have also issued research reports about the company. BMO Capital Markets cut their target price on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. Citigroup reduced their price objective on shares of Open Text from $33.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Scotiabank lowered their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Barclays reduced their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Finally, TD Securities lowered their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, December 30th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and a consensus price target of $35.27.

Open Text Stock Up 0.7 %

Shares of NASDAQ:OTEX opened at $28.84 on Monday. Open Text has a 12 month low of $26.84 and a 12 month high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The company’s 50-day moving average price is $28.91 and its two-hundred day moving average price is $30.75. The firm has a market cap of $7.61 billion, a P/E ratio of 16.67 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, research analysts forecast that Open Text will post 3.37 EPS for the current fiscal year.

Institutional Trading of Open Text

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in shares of Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares in the last quarter. Kimelman & Baird LLC bought a new stake in shares of Open Text during the 2nd quarter valued at $36,000. Cromwell Holdings LLC increased its position in shares of Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares during the period. Essex LLC acquired a new position in Open Text in the third quarter valued at about $210,000. Finally, Net Worth Advisory Group bought a new stake in Open Text during the third quarter worth about $226,000. 70.37% of the stock is currently owned by institutional investors.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.