Open Text (NASDAQ:OTEX) Earns Sector Perform Rating from Scotiabank

Open Text (NASDAQ:OTEX) (TSE:OTC)‘s stock had its “sector perform” rating reiterated by stock analysts at Scotiabank in a report issued on Friday, Benzinga reports.

A number of other analysts also recently issued reports on the stock. BMO Capital Markets downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $50.00 to $38.00 in a research 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 research note on Friday. Barclays decreased their price target on shares of Open Text from $44.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday. TD Securities reduced their price objective on Open Text from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday. Finally, CIBC lowered their target price on Open Text from $44.00 to $38.50 and set a “neutral” rating for the company in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Open Text has a consensus rating of “Hold” and an average target price of $42.25.

Open Text Price Performance

Shares of Open Text stock traded down $0.10 during trading on Friday, hitting $30.15. 1,187,010 shares of the company were exchanged, compared to its average volume of 647,555. The firm has a 50 day moving average price of $37.32 and a 200 day moving average price of $38.77. The stock has a market capitalization of $8.23 billion, a price-to-earnings ratio of 48.44 and a beta of 1.11. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. Open Text has a fifty-two week low of $28.19 and a fifty-two week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating the consensus estimate of $1.10 by $0.01. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.48 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. On average, equities analysts expect that Open Text will post 4.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Open Text

Several large investors have recently modified their holdings of OTEX. Essex LLC bought a new position in Open Text during the 1st quarter worth approximately $250,000. Easterly Investment Partners LLC boosted its holdings in Open Text by 1.7% in the first quarter. Easterly Investment Partners LLC now owns 334,221 shares of the software maker’s stock worth $12,978,000 after purchasing an additional 5,657 shares during the period. Lorne Steinberg Wealth Management Inc. increased its stake in Open Text by 1.9% during the first quarter. Lorne Steinberg Wealth Management Inc. now owns 119,990 shares of the software maker’s stock valued at $4,657,000 after purchasing an additional 2,275 shares during the last quarter. Chase Investment Counsel Corp raised its holdings in shares of Open Text by 6.9% during the first quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock worth $319,000 after purchasing an additional 528 shares during the period. Finally, Tobam lifted its position in shares of Open Text by 102.3% in the 1st quarter. Tobam now owns 6,474 shares of the software maker’s stock worth $251,000 after buying an additional 3,274 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

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.