StockNews.com Downgrades Open Text (NASDAQ:OTEX) to Buy

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.

Several other brokerages have also commented on OTEX. UBS Group began coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. Citigroup reduced their price target 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. Barclays decreased their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Scotiabank cut 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 note on Friday, November 1st. Finally, BMO Capital Markets decreased their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $35.55.

Open Text Trading Up 0.5 %

Shares of Open Text stock opened at $28.14 on Wednesday. The company has a 50 day simple moving average of $30.29 and a two-hundred day simple moving average of $30.99. The firm has a market cap of $7.44 billion, a PE ratio of 16.27 and a beta of 1.11. Open Text has a 1 year low of $27.05 and a 1 year high of $45.47. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The company had revenue of $1.27 billion during 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 revenue was down 11.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. Analysts expect that Open Text will post 3.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. AustralianSuper Pty Ltd bought a new stake in shares of Open Text in the 3rd quarter worth approximately $8,011,000. The Manufacturers Life Insurance Company boosted its holdings in Open Text by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after acquiring an additional 63,620 shares in the last quarter. Natixis Advisors LLC purchased a new position in Open Text during the 3rd quarter valued at $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Open Text by 126.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock worth $2,871,000 after purchasing an additional 48,111 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of Open Text in the 3rd quarter worth about $2,232,000. 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.