Open Text (NASDAQ:OTEX) PT Lowered to $37.00 at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by Citigroup from $42.00 to $37.00 in a report released on Friday, BayStreet.CA reports. Citigroup currently has a neutral rating on the software maker’s stock.

Other research analysts also recently issued reports about the company. Jefferies Financial Group initiated coverage on Open Text in a research note on Tuesday, February 27th. They set a buy rating and a $45.00 price objective for the company. Royal Bank of Canada reissued an outperform rating and issued a $53.00 price objective on shares of Open Text in a research note on Friday, February 2nd. TD Securities increased their price target on Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research note on Friday, February 2nd. StockNews.com upgraded Open Text from a hold rating to a buy rating in a research report on Tuesday, February 6th. Finally, CIBC increased their target price on Open Text from $42.00 to $44.00 and gave the stock a neutral rating in a research report on Thursday, January 11th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $42.25.

Open Text Stock Performance

Shares of NASDAQ OTEX traded down $0.03 during trading on Friday, reaching $30.22. 1,477,069 shares of the company traded hands, compared to its average volume of 652,609. The firm has a 50 day simple moving average of $37.32 and a 200-day simple moving average of $38.77. Open Text has a 52-week low of $28.19 and a 52-week high of $45.47. The stock has a market capitalization of $8.25 billion, a PE ratio of 48.63 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 (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.01. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. Equities research analysts anticipate that Open Text will post 4.14 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued a dividend of $0.435 per share. This represents a $1.74 annualized dividend and a yield of 5.76%. The ex-dividend date is Friday, May 31st. This is a positive change from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio is presently 161.29%.

Institutional Inflows and Outflows

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

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.