Open Text (NASDAQ:OTEX) Price Target Raised to $36.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective increased by Barclays from $34.00 to $36.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

Several other analysts also recently commented on the company. Scotiabank lowered their price objective on 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. Citigroup raised their price objective on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday. BMO Capital Markets reduced their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Open Text presently has an average rating of “Hold” and an average price target of $35.18.

Open Text Stock Performance

Shares of OTEX opened at $27.86 on Friday. Open Text has a one year low of $26.84 and a one year high of $42.17. The company has a market cap of $7.35 billion, a PE ratio of 11.33 and a beta of 1.12. The stock has a 50-day moving average of $28.85 and a 200-day moving average of $30.61. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.33% and a net margin of 12.21%. On average, equities research analysts predict that Open Text will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is currently 42.68%.

Hedge Funds Weigh In On Open Text

Several large investors have recently modified their holdings of the business. Cooke & Bieler LP lifted its stake in Open Text by 6.6% in the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock worth $178,670,000 after purchasing an additional 389,220 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Open Text by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after buying an additional 63,620 shares in the last quarter. National Bank of Canada FI boosted its stake in Open Text by 1.1% during the third quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock valued at $135,399,000 after buying an additional 46,223 shares during the period. Geode Capital Management LLC boosted its stake in Open Text by 4.6% during the third quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock valued at $46,460,000 after buying an additional 61,696 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Open Text by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 677,709 shares of the software maker’s stock worth $19,170,000 after buying an additional 5,177 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.