Open Text Corporation (NASDAQ:OTEX) Receives $39.42 Average Price Target from Analysts

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has been assigned an average rating of “Hold” from the fourteen analysts that are presently covering the firm, MarketBeat reports. Ten research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $39.4167.

Several research analysts have weighed in on the stock. TD Securities downgraded shares of Open Text from a “buy” rating to a “hold” rating and upped their price objective for the stock from $35.00 to $40.00 in a report on Friday, October 3rd. Jefferies Financial Group boosted their target price on shares of Open Text from $33.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday, November 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Open Text in a research report on Tuesday. UBS Group boosted their target price on shares of Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Finally, Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a report on Saturday, August 9th.

Hedge Funds Weigh In On Open Text

A number of large investors have recently modified their holdings of the company. CIBC Private Wealth Group LLC bought a new position in Open Text during the third quarter valued at approximately $33,000. Sagard Holdings Management Inc. purchased a new position in Open Text in the 2nd quarter worth $30,000. MAI Capital Management lifted its stake in Open Text by 58.7% in the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after purchasing an additional 590 shares during the last quarter. Cromwell Holdings LLC lifted its stake in Open Text by 27.4% in the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after purchasing an additional 352 shares during the last quarter. Finally, WealthCollab LLC boosted its position in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after buying an additional 464 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Trading Down 0.3%

OTEX traded down $0.11 during trading on Friday, reaching $33.64. 551,895 shares of the stock traded hands, compared to its average volume of 1,286,882. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $8.48 billion, a PE ratio of 20.39 and a beta of 1.14. The stock’s 50-day moving average is $36.85 and its 200 day moving average is $32.54. Open Text has a 12 month low of $22.79 and a 12 month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the business earned $0.93 EPS. The firm’s revenue was up 1.5% compared to the same quarter last year. Equities analysts anticipate that Open Text will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.10 annualized dividend and a yield of 3.3%. Open Text’s payout ratio is 57.59%.

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.