Open Text (NASDAQ:OTEX) Upgraded by StockNews.com to Strong-Buy Rating

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

A number of other equities research analysts also recently issued reports on the company. Scotiabank decreased their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock 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 report on Friday, November 1st. BMO Capital Markets lowered their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday, November 1st. Citigroup cut their price objective on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Finally, UBS Group began coverage on shares of Open Text in a report on Tuesday. They issued a “neutral” rating and a $32.00 target price for the company. Nine analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $35.55.

Open Text Trading Down 4.4 %

OTEX stock opened at $27.37 on Tuesday. The firm has a fifty day moving average price of $30.89 and a 200 day moving average price of $31.00. Open Text has a fifty-two week low of $27.20 and a fifty-two week high of $45.47. The firm has a market cap of $7.28 billion, a PE ratio of 15.82 and a beta of 1.11. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business’s revenue was down 11.0% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS. Sell-side analysts anticipate that Open Text will post 3.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Text

Several large investors have recently added to or reduced their stakes in OTEX. JARISLOWSKY FRASER Ltd increased its position in shares of Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after acquiring an additional 767,822 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after purchasing an additional 63,620 shares during the period. Cooke & Bieler LP increased its holdings in Open Text by 18.6% during the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock worth $166,325,000 after purchasing an additional 867,978 shares during the period. National Bank of Canada FI raised its position in Open Text by 1.1% during the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock valued at $135,399,000 after purchasing an additional 46,223 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. lifted its holdings in shares of Open Text by 16.8% in the 2nd quarter. Letko Brosseau & Associates Inc. now owns 3,929,040 shares of the software maker’s stock worth $117,956,000 after buying an additional 566,150 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.