Open Text (NASDAQ:OTEX) Price Target Cut to $38.00 by Analysts at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by TD Securities from $40.00 to $38.00 in a report published on Tuesday,BayStreet.CA reports. TD Securities currently has a buy rating on the software maker’s stock.

A number of other analysts also recently issued reports on OTEX. Scotiabank lowered their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Barclays cut their target price on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. BMO Capital Markets decreased their price objective on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. StockNews.com upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Finally, Citigroup decreased their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus target price of $35.55.

Open Text Trading Up 0.2 %

Shares of OTEX opened at $28.01 on Tuesday. The firm’s 50-day moving average price is $30.52 and its 200-day moving average price is $31.01. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $7.45 billion, a price-to-earnings ratio of 16.19 and a beta of 1.11. Open Text has a 1-year low of $27.05 and a 1-year high of $45.47.

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

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were issued a dividend of $0.262 per share. The ex-dividend date of this dividend was Friday, November 29th. This is a boost from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a yield of 3.74%. Open Text’s payout ratio is currently 60.69%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OTEX. Ridgewood Investments LLC acquired a new position in shares of Open Text during the 2nd quarter valued at about $30,000. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% during the third 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. Kimelman & Baird LLC purchased a new stake in shares of Open Text in the second quarter worth about $36,000. Cromwell Holdings LLC raised its holdings in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares during the period. Finally, Essex LLC acquired a new position in Open Text during the 3rd quarter worth approximately $210,000. Institutional investors and hedge funds 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.