CIBC Lowers Open Text (NASDAQ:OTEX) Price Target to $38.50

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target cut by equities research analysts at CIBC from $44.00 to $38.50 in a research note issued to investors on Friday, BayStreet.CA reports. The brokerage currently has a “neutral” rating on the software maker’s stock. CIBC’s price target suggests a potential upside of 27.27% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Open Text in a report on Tuesday, February 27th. They issued a “buy” rating and a $45.00 target price on the stock. Citigroup cut their target price on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday. National Bankshares cut their target price on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday. Barclays cut their target price on shares of Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a report on Tuesday, February 6th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $42.25.

Open Text Stock Down 14.7 %

OTEX stock opened at $30.25 on Friday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.10. Open Text has a twelve month low of $28.19 and a twelve month high of $45.47. The company’s 50 day moving average is $37.32 and its two-hundred day moving average is $38.73. The stock has a market cap of $8.25 billion, a P/E ratio of 48.79 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a net margin of 2.85% and a return on equity of 24.61%. Research analysts expect that Open Text will post 4.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Optiver Holding B.V. purchased a new stake in shares of Open Text during the 4th quarter worth approximately $27,000. Pacifica Partners Inc. acquired a new position in Open Text during the fourth quarter worth $32,000. Allworth Financial LP boosted its position in Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after purchasing an additional 533 shares in the last quarter. Assetmark Inc. acquired a new stake in Open Text in the fourth quarter valued at $48,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Open Text by 18.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after buying an additional 334 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.