Open Text Co. (NASDAQ:OTEX) Receives $35.55 Average Price Target from Analysts

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) has been given an average rating of “Hold” by the twelve research firms that are covering the firm, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $35.55.

Several analysts have recently commented on OTEX shares. BMO Capital Markets decreased their target price on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. TD Securities lowered their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, December 30th. StockNews.com upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research report on Friday. Scotiabank dropped their price objective on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Finally, Barclays lowered their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st.

Institutional Investors Weigh In On Open Text

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its holdings in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the last quarter. Kimelman & Baird LLC acquired a new stake in Open Text in the second quarter valued at $36,000. Cromwell Holdings LLC grew its position in shares of Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after acquiring an additional 380 shares during the period. Essex LLC acquired a new position in shares of Open Text during the 3rd quarter worth about $210,000. Finally, Net Worth Advisory Group acquired a new stake in Open Text in the 3rd quarter valued at about $226,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Up 1.1 %

Shares of NASDAQ:OTEX opened at $28.57 on Wednesday. The company has a market capitalization of $7.56 billion, a PE ratio of 16.51 and a beta of 1.12. 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 company’s fifty day moving average is $29.57 and its 200-day moving average is $30.95. Open Text has a 52 week low of $27.05 and a 52 week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.13. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company’s revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.90 earnings per share. Equities research analysts predict that Open Text will post 3.37 earnings per share 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. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Friday, November 29th. This is a positive change from Open Text’s previous quarterly dividend of $0.19. Open Text’s payout ratio is currently 60.69%.

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.