Open Text (NASDAQ:OTEX) PT Lowered to $35.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price cut by stock analysts at Jefferies Financial Group from $42.00 to $35.00 in a research note issued to investors on Friday, BayStreet.CA reports. The firm currently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s price target indicates a potential upside of 24.33% from the stock’s current price.

Other analysts also recently issued research reports about the company. Barclays dropped their price target on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. CIBC decreased their target price on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. National Bank Financial downgraded Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday. National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target for the company. in a report on Friday. Finally, Scotiabank reiterated a “sector perform” rating on shares of Open Text in a research report on Friday, May 3rd. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $38.80.

Open Text Trading Down 7.7 %

NASDAQ:OTEX traded down $2.34 on Friday, hitting $28.15. 681,897 shares of the stock were exchanged, compared to its average volume of 663,858. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. Open Text has a 52 week low of $27.54 and a 52 week high of $45.47. The company’s 50-day moving average price is $30.04 and its 200 day moving average price is $34.95. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of 45.40 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.43 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. On average, equities research analysts forecast that Open Text will post 3.79 earnings per share for the current year.

Institutional Investors Weigh In On Open Text

Several institutional investors and hedge funds have recently added to or reduced their stakes in OTEX. Boston Partners grew its stake in Open Text by 0.5% in the 4th quarter. Boston Partners now owns 60,137 shares of the software maker’s stock valued at $2,527,000 after purchasing an additional 318 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Open Text by 18.0% during the 4th 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. Chase Investment Counsel Corp boosted its holdings in Open Text by 6.9% in the 1st quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after purchasing an additional 528 shares during the period. Optiver Holding B.V. purchased a new position in Open Text during the fourth quarter worth about $27,000. Finally, Headlands Technologies LLC bought a new stake in shares of Open Text during the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.