Open Text (NASDAQ:OTEX) PT Lowered to $50.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price decreased by National Bankshares from $60.00 to $50.00 in a research note issued to investors on Friday, BayStreet.CA reports. The firm presently has an “outperform” rating on the software maker’s stock. National Bankshares’ target price suggests a potential upside of 65.29% from the stock’s previous close.

Several other brokerages also recently issued reports on OTEX. CIBC upped their price target on Open Text from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a report on Tuesday, February 6th. BMO Capital Markets cut shares of Open Text from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $50.00 to $38.00 in a report on Friday. Royal Bank of Canada reiterated an “outperform” rating and issued a $53.00 price objective on shares of Open Text in a research note on Friday, February 2nd. Finally, TD Securities increased their price objective on shares of Open Text from $53.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $42.25.

Open Text Stock Down 14.7 %

Open Text 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. The firm’s fifty day moving average price is $37.32 and its two-hundred day moving average price is $38.73. The firm has a market capitalization of $8.25 billion, a price-to-earnings ratio of 48.79 and a beta of 1.11. Open Text has a 1-year low of $28.19 and a 1-year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) 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 the consensus estimate of $1.48 billion. Open Text had a return on equity of 24.61% and a net margin of 2.85%. On average, equities research analysts predict that Open Text will post 4.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of OTEX. Forsta AP Fonden grew its position in shares of Open Text by 10.4% during the 3rd quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock valued at $2,623,000 after acquiring an additional 7,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Open Text by 13.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,885 shares of the software maker’s stock worth $11,420,000 after buying an additional 38,366 shares during the period. Inspire Investing LLC boosted its holdings in Open Text by 23.4% in the 3rd quarter. Inspire Investing LLC now owns 17,568 shares of the software maker’s stock worth $617,000 after buying an additional 3,328 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Open Text by 5.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker’s stock worth $4,164,000 after buying an additional 6,412 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in Open Text by 0.6% in the 3rd quarter. CIBC Asset Management Inc now owns 814,407 shares of the software maker’s stock worth $28,671,000 after buying an additional 5,037 shares during the period. 70.37% of the stock is owned by 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.