Raymond James Lowers Open Text (NASDAQ:OTEX) Price Target to $48.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective reduced by Raymond James from $55.00 to $48.00 in a research note published on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the software maker’s stock.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets downgraded 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. TD Securities dropped their price objective on shares of Open Text from $54.00 to $40.00 and set a buy rating on the stock in a report on Friday. Jefferies Financial Group assumed coverage on shares of Open Text in a report on Tuesday, February 27th. They set a buy rating and a $45.00 target price for the company. Royal Bank of Canada restated an outperform rating and set a $53.00 target price on shares of Open Text in a research report on Friday, February 2nd. Finally, CIBC cut their price target on Open Text from $44.00 to $38.50 and set a neutral rating on the stock in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $42.25.

Open Text Stock Performance

Shares of NASDAQ OTEX traded down $0.03 during mid-day trading on Friday, hitting $30.22. The stock had a trading volume of 1,477,069 shares, compared to its average volume of 652,609. The firm has a market cap of $8.25 billion, a PE ratio of 48.63 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The company has a 50 day moving average of $37.32 and a two-hundred day moving average of $38.77. Open Text has a twelve month low of $28.19 and a twelve month high of $45.47.

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

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be given a dividend of $0.435 per share. The ex-dividend date of this dividend is Friday, May 31st. This is a boost from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.76%. Open Text’s dividend payout ratio (DPR) is currently 161.29%.

Institutional Trading of Open Text

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