Open Text (NASDAQ:OTEX) Price Target Raised to $34.00 at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price boosted by Citigroup from $32.00 to $34.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

OTEX has been the topic of several other research reports. Barclays lowered their price objective on shares of Open Text from $38.00 to $36.00 and set an equal weight rating on the stock in a research report on Monday, August 5th. National Bankshares lowered Open Text from an outperform rating to a sector perform rating and set a $38.00 price target for the company. in a research note on Friday, August 2nd. BMO Capital Markets reduced their price objective on Open Text from $38.00 to $33.00 and set a market perform rating on the stock in a research report on Friday, August 2nd. CIBC dropped their target price on Open Text from $36.00 to $33.00 and set a neutral rating for the company in a research report on Friday, July 19th. Finally, Jefferies Financial Group reduced their price target on shares of Open Text from $42.00 to $35.00 and set a buy rating on the stock in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of $38.80.

Open Text Price Performance

Open Text stock opened at $33.09 on Wednesday. The business has a 50-day simple moving average of $31.55 and a 200 day simple moving average of $32.47. Open Text has a 52 week low of $27.50 and a 52 week high of $45.47. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 53.37 and a beta of 1.11. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business earned $0.79 earnings per share. Open Text’s revenue for the quarter was down 8.6% compared to the same quarter last year. On average, research analysts forecast that Open Text will post 3.23 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were given a dividend of $0.192 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.77 annualized dividend and a yield of 2.32%. Open Text’s payout ratio is currently 169.35%.

Hedge Funds Weigh In On Open Text

Several hedge funds and other institutional investors have recently modified their holdings of OTEX. Chase Investment Counsel Corp increased its holdings in Open Text by 6.9% during 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. bought a new stake in shares of Open Text in the 4th quarter worth approximately $27,000. Headlands Technologies LLC purchased a new position in shares of Open Text during the first quarter valued at approximately $32,000. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Open Text by 5.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock valued at $524,000 after acquiring an additional 874 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in Open Text in the second quarter worth $30,000. 70.37% of the stock is owned by 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.