Open Text (NASDAQ:OTEX) Rating Lowered to Buy at Wall Street Zen

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

Several other analysts have also issued reports on the stock. Scotiabank cut their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Citigroup lowered their target price on Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. UBS Group set a $25.00 price target on Open Text in a research report on Friday, May 8th. Finally, Scotia decreased their price target on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $33.67.

Open Text Trading Up 4.4%

OTEX stock opened at $25.88 on Tuesday. The company has a market capitalization of $6.27 billion, a PE ratio of 12.62 and a beta of 1.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. Open Text has a one year low of $19.77 and a one year high of $39.90. The company’s 50 day moving average price is $22.74 and its two-hundred day moving average price is $23.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. As a group, analysts predict that Open Text will post 4.05 earnings per share for the current fiscal year.

Institutional Trading of Open Text

Several large investors have recently modified their holdings of the business. CIBC Private Wealth Group LLC purchased a new position in Open Text during the 3rd quarter valued at about $33,000. WealthCollab LLC grew its position in shares of Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after buying an additional 464 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after buying an additional 1,580 shares during the last quarter. Osaic Holdings Inc. increased its stake in shares of Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after buying an additional 937 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Open Text by 39.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after acquiring an additional 570 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.