Open Text (NASDAQ:OTEX) Raised to Strong-Buy at StockNews.com

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

A number of other equities analysts have also recently weighed in on the company. Scotiabank dropped their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, November 1st. Citigroup dropped their target price on Open Text from $33.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday. Barclays dropped their price objective on shares of 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 lowered their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Finally, UBS Group initiated coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $35.27.

Open Text Trading Down 1.2 %

Shares of NASDAQ:OTEX opened at $27.78 on Friday. Open Text has a twelve month low of $26.84 and a twelve month high of $45.47. 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 cap of $7.35 billion, a P/E ratio of 16.06 and a beta of 1.12. The company has a 50 day moving average of $29.03 and a 200-day moving average of $30.84.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Blue Trust Inc. increased its stake in Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares during the period. Kimelman & Baird LLC acquired a new position in shares of Open Text in the second quarter valued at $36,000. Cromwell Holdings LLC lifted its position in 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 bought a new stake in Open Text in the 3rd quarter valued at $210,000. Finally, Net Worth Advisory Group acquired a new position in shares of Open Text in the 3rd quarter valued at $226,000. 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.