UBS Group Begins Coverage on Open Text (NASDAQ:OTEX)

Equities researchers at UBS Group assumed coverage on shares of Open Text (NASDAQ:OTEX) (TSE:OTC) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “neutral” rating and a $32.00 price target on the software maker’s stock. UBS Group’s price objective would indicate a potential upside of 16.92% from the company’s previous close.

A number of other brokerages also recently issued reports on OTEX. 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 report on Friday, November 1st. Barclays lowered their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. 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 report on Friday, November 1st. Citigroup lowered their price target on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Finally, TD Securities lowered their price target on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $35.55.

Open Text Stock Performance

Shares of Open Text stock opened at $27.37 on Tuesday. Open Text has a one year low of $27.20 and a one year high of $45.47. The company 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. The business has a 50-day simple moving average of $30.89 and a 200-day simple moving average of $31.00.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced 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 the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. On average, equities research analysts forecast that Open Text will post 3.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. raised its position in Open Text by 1.7% in the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock worth $629,000 after acquiring an additional 322 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Open Text by 3.3% in the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after purchasing an additional 351 shares during the last quarter. Cromwell Holdings LLC grew its holdings in Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares during the last quarter. Blue Trust Inc. grew its holdings in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after purchasing an additional 793 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Open Text by 5.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock valued at $524,000 after purchasing an additional 874 shares during the last quarter. Hedge funds and other 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.