Analysts Set Open Text Co. (NASDAQ:OTEX) Price Target at $35.18

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) has earned an average rating of “Hold” from the twelve brokerages that are currently covering the firm, Marketbeat reports. Nine research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $35.18.

Several brokerages recently issued reports on OTEX. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Barclays upped their target price on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Royal Bank of Canada lowered their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Citigroup upped their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, TD Securities lowered their price objective on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Sunday, February 9th.

Institutional Investors Weigh In On Open Text

A number of institutional investors have recently made changes to their positions in OTEX. BNP Paribas Financial Markets lifted its position in Open Text by 3.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after acquiring an additional 351 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Open Text in the third quarter worth $324,000. Stifel Financial Corp bought a new position in shares of Open Text during the third quarter valued at $2,232,000. Wellington Management Group LLP boosted its position in shares of Open Text by 45.7% during the third quarter. Wellington Management Group LLP now owns 200,305 shares of the software maker’s stock valued at $6,675,000 after buying an additional 62,871 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Open Text in the 3rd quarter worth about $1,521,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Trading Up 1.9 %

OTEX opened at $25.15 on Friday. The firm has a market capitalization of $6.61 billion, a price-to-earnings ratio of 10.22 and a beta of 1.13. Open Text has a one year low of $22.79 and a one year high of $36.39. The business has a 50 day simple moving average of $26.35 and a two-hundred day simple moving average of $28.84. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Analysts predict that Open Text will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $0.2625 dividend. The ex-dividend date was Friday, March 7th. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 4.17%. Open Text’s payout ratio is 42.68%.

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.