Open Text (NASDAQ:OTEX) Given New $32.00 Price Target at BMO Capital Markets

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective reduced by BMO Capital Markets from $33.00 to $32.00 in a report issued on Friday morning, MarketBeat reports. They currently have a market perform rating on the software maker’s stock.

A number of other analysts also recently issued reports on the company. National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a research report on Friday, August 2nd. Citigroup lifted their target price on Open Text from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Scotiabank dropped their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday. 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, Barclays dropped their target price on Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $35.90.

Open Text Trading Down 3.4 %

Shares of NASDAQ OTEX traded down $1.02 during trading on Friday, hitting $28.98. 1,397,525 shares of the company were exchanged, compared to its average volume of 635,531. Open Text has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The company has a fifty day moving average price of $32.73 and a 200-day moving average price of $31.58. The firm has a market capitalization of $7.70 billion, a PE ratio of 16.95 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The company’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period last year, the company earned $0.79 EPS. As a group, equities research analysts expect that Open Text will post 3.23 EPS for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a dividend of $0.262 per share. This is a boost from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.05 annualized dividend and a yield of 3.62%. Open Text’s payout ratio is presently 61.40%.

Institutional Investors Weigh In On Open Text

Several institutional investors have recently added to or reduced their stakes in OTEX. Ridgewood Investments LLC purchased a new stake in Open Text in the second quarter valued at approximately $30,000. Headlands Technologies LLC purchased a new stake in Open Text in the first quarter valued at approximately $32,000. Blue Trust Inc. lifted its stake in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Open Text in the second quarter valued at approximately $36,000. Finally, Cromwell Holdings LLC lifted its stake in Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares during the last quarter. 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.