BidaskClub downgraded shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a buy rating to a hold rating in a report released on Friday morning.

Several other equities analysts also recently issued reports on the company. Barclays boosted their price objective on Open Text from $46.00 to $48.00 and gave the stock an overweight rating in a research report on Monday, August 6th. Scotiabank reiterated a buy rating and set a $46.00 price objective on shares of Open Text in a research report on Friday, August 3rd. Raymond James upped their target price on Open Text from $42.00 to $48.00 and gave the stock an outperform rating in a research report on Friday, August 3rd. TD Securities upped their target price on Open Text from $40.00 to $43.00 and gave the stock a buy rating in a research report on Friday, August 3rd. Finally, Royal Bank of Canada upped their target price on Open Text from $44.00 to $45.00 and gave the stock an outperform rating in a research report on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $44.18.

Shares of NASDAQ OTEX opened at $37.99 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $10.22 billion, a PE ratio of 41.85 and a beta of 0.29. Open Text has a 12-month low of $31.21 and a 12-month high of $40.31.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 2nd. The software maker reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.04. The business had revenue of $754.30 million during the quarter, compared to the consensus estimate of $732.02 million. Open Text had a return on equity of 8.09% and a net margin of 8.60%. The business’s revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 earnings per share. analysts predict that Open Text will post 0.74 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 21st. Shareholders of record on Friday, August 31st were given a $0.1518 dividend. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $0.61 dividend on an annualized basis and a yield of 1.60%. Open Text’s dividend payout ratio (DPR) is 67.03%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OTEX. CIBC World Markets Inc. lifted its position in Open Text by 199.8% in the first quarter. CIBC World Markets Inc. now owns 3,877,541 shares of the software maker’s stock worth $134,938,000 after purchasing an additional 2,583,964 shares during the period. Echo Street Capital Management LLC lifted its position in Open Text by 205.2% in the first quarter. Echo Street Capital Management LLC now owns 2,030,423 shares of the software maker’s stock worth $70,659,000 after purchasing an additional 1,365,106 shares during the period. Toronto Dominion Bank lifted its position in Open Text by 161.0% in the second quarter. Toronto Dominion Bank now owns 1,413,728 shares of the software maker’s stock worth $49,890,000 after purchasing an additional 872,081 shares during the period. Great West Life Assurance Co. Can lifted its position in Open Text by 22.3% in the first quarter. Great West Life Assurance Co. Can now owns 4,653,958 shares of the software maker’s stock worth $161,647,000 after purchasing an additional 849,975 shares during the period. Finally, Unigestion Holding SA acquired a new stake in Open Text in the second quarter worth approximately $27,942,000. Hedge funds and other institutional investors own 67.61% of the company’s stock.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

Further Reading: Dividend

Analyst Recommendations for Open Text (NASDAQ:OTEX)

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