Open Text (NASDAQ:OTEX) Now Covered by Analysts at UBS Group

Analysts at UBS Group started coverage on shares of Open Text (NASDAQ:OTEX) (TSE:OTC) in a research note issued on Tuesday,Benzinga reports. The firm set a “neutral” rating and a $32.00 price target on the software maker’s stock. UBS Group’s target price indicates a potential upside of 8.22% from the stock’s current price.

Other analysts have also issued research reports about the company. TD Securities lowered their price target on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, November 1st. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Barclays decreased their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. BMO Capital Markets lowered their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Finally, Scotiabank cut their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Open Text has a consensus rating of “Hold” and a consensus target price of $35.55.

Open Text Stock Up 0.2 %

NASDAQ:OTEX opened at $29.57 on Tuesday. The company has a market cap of $7.86 billion, a price-to-earnings ratio of 17.09 and a beta of 1.11. Open Text has a twelve month low of $27.50 and a twelve month high of $45.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a fifty day simple moving average of $31.17 and a 200-day simple moving average of $31.02.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.90 EPS. Analysts anticipate that Open Text will post 3.37 EPS for the current year.

Institutional Investors Weigh In On Open Text

Institutional investors have recently added to or reduced their stakes in the business. Brandes Investment Partners LP increased its position in shares of Open Text by 236.8% in the 2nd quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker’s stock valued at $55,059,000 after acquiring an additional 1,290,011 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Open Text by 25.1% in the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after purchasing an additional 1,118,479 shares during the period. Cooke & Bieler LP raised its stake in shares of Open Text by 18.6% in the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock worth $166,325,000 after purchasing an additional 867,978 shares during the last quarter. JARISLOWSKY FRASER Ltd lifted its holdings in shares of Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after purchasing an additional 767,822 shares during the period. Finally, National Bank of Canada FI boosted its position in Open Text by 17.5% in the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock valued at $120,390,000 after buying an additional 599,790 shares during the last quarter. Institutional investors and hedge funds 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.