Open Text (NASDAQ:OTEX) Price Target Lowered to $38.00 at TD Securities

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

A number of other research analysts have also recently commented on the company. Barclays dropped their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Citigroup cut their price target on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. UBS Group assumed coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Scotiabank cut their target price on shares of 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. Finally, BMO Capital Markets decreased their price target on shares of 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. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.55.

Open Text Price Performance

Shares of OTEX stock opened at $28.42 on Monday. Open Text has a twelve month low of $27.05 and a twelve month high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The business has a fifty day simple moving average of $29.96 and a 200 day simple moving average of $31.00. The company has a market cap of $7.52 billion, a P/E ratio of 16.43 and a beta of 1.11.

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

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were given a $0.262 dividend. The ex-dividend date was Friday, November 29th. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.69%. Open Text’s dividend payout ratio (DPR) is 60.69%.

Institutional Investors Weigh In On Open Text

Several institutional investors and hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. boosted its holdings in shares of Open Text by 19.9% during the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock worth $7,086,000 after buying an additional 34,135 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Open Text during the third quarter worth $499,000. Toronto Dominion Bank grew its holdings in Open Text by 169.6% in the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock worth $19,173,000 after purchasing an additional 362,422 shares during the period. Geode Capital Management LLC increased its stake in Open Text by 4.6% in 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 purchasing an additional 61,696 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Open Text during the third quarter valued at about $1,521,000. 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.