TD Securities Has Lowered Expectations for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective reduced by investment analysts at TD Securities from $38.00 to $35.00 in a report released on Sunday,BayStreet.CA reports. The firm currently has a “buy” rating on the software maker’s stock. TD Securities’ price objective would suggest a potential upside of 21.15% from the stock’s previous close.

A number of other research firms have also commented on OTEX. Barclays increased their price target on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday. Scotiabank cut their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Citigroup increased their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, UBS Group started coverage on Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $35.18.

Open Text Stock Up 3.7 %

Open Text stock opened at $28.89 on Friday. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of 11.74 and a beta of 1.12. The firm’s fifty day moving average price is $28.85 and its two-hundred day moving average price is $30.61. Open Text has a 1-year low of $26.84 and a 1-year high of $41.96. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (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 earnings per share for the current fiscal year.

Institutional Trading of Open Text

A number of institutional investors have recently added to or reduced their stakes in the stock. Creative Planning boosted its stake in Open Text by 23.1% during the second quarter. Creative Planning now owns 24,342 shares of the software maker’s stock valued at $731,000 after buying an additional 4,570 shares during the period. NBC Securities Inc. purchased a new stake in Open Text during the third quarter valued at about $278,000. Net Worth Advisory Group bought a new stake in Open Text during the third quarter worth about $226,000. Blue Trust Inc. boosted its holdings in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares in the last quarter. Finally, Essex LLC bought a new position in shares of Open Text during the 3rd quarter valued at about $210,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Open Text

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.