Open Text (NASDAQ:OTEX) PT Lowered to $42.00 at Jefferies Financial Group

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by equities research analysts at Jefferies Financial Group from $45.00 to $42.00 in a note issued to investors on Friday, BayStreet.CA reports. The firm presently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s price target indicates a potential upside of 38.84% from the stock’s previous close.

OTEX has been the subject of several other research reports. Barclays dropped their target price on shares of Open Text from $44.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday. TD Securities cut their price objective on Open Text from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Friday. BMO Capital Markets lowered Open Text from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $50.00 to $38.00 in a research note on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $53.00 target price on shares of Open Text in a research report on Friday, February 2nd. Finally, Raymond James reduced their price target on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Open Text has an average rating of “Moderate Buy” and an average price target of $42.25.

Open Text Trading Down 14.7 %

Shares of NASDAQ:OTEX traded down $5.22 during midday trading on Friday, reaching $30.25. 3,705,104 shares of the company’s stock were exchanged, compared to its average volume of 643,007. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of 63.85 and a beta of 1.11. Open Text has a fifty-two week low of $28.19 and a fifty-two week high of $45.47. The firm’s 50 day simple moving average is $37.48 and its two-hundred day simple moving average is $38.73. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. As a group, sell-side analysts forecast that Open Text will post 4.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Open Text

Several institutional investors have recently modified their holdings of the company. Optiver Holding B.V. purchased a new position in Open Text in the fourth quarter valued at $27,000. Pacifica Partners Inc. acquired a new position in shares of Open Text during the 4th quarter worth about $32,000. Allworth Financial LP boosted its position in shares of Open Text by 125.7% during the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after acquiring an additional 533 shares in the last quarter. Assetmark Inc. purchased a new position in shares of Open Text in the 4th quarter valued at about $48,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock worth $92,000 after acquiring an additional 334 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.