Open Text Corporation (OTEX) Price Target Cut to $38.00 by Analysts at BMO Capital Markets
Several other research firms also recently weighed in on OTEX. Royal Bank Of Canada reiterated a buy rating and set a $40.00 target price on shares of Open Text Corporation in a research report on Monday, October 30th. TD Securities lifted their target price on Open Text Corporation from $38.00 to $51.00 and gave the company a buy rating in a research report on Friday. Barclays PLC lifted their target price on Open Text Corporation from $41.00 to $43.00 and gave the company an overweight rating in a research report on Friday, August 4th. Zacks Investment Research downgraded Open Text Corporation from a buy rating to a hold rating in a research report on Friday, October 27th. Finally, Scotiabank reiterated an outperform rating and set a $50.00 target price (up from $41.00) on shares of Open Text Corporation in a research report on Friday, August 4th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Open Text Corporation presently has an average rating of Buy and an average target price of $42.78.
Open Text Corporation (NASDAQ OTEX) traded up $0.28 during mid-day trading on Friday, hitting $34.48. The stock had a trading volume of 917,541 shares, compared to its average volume of 414,461. The stock has a market cap of $9,111.03, a P/E ratio of 60.49 and a beta of 0.47. Open Text Corporation has a 52-week low of $29.30 and a 52-week high of $35.45. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.68.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.07). The firm had revenue of $663.60 million during the quarter, compared to analysts’ expectations of $662.36 million. Open Text Corporation had a return on equity of 6.56% and a net margin of 6.12%. The business’s quarterly revenue was up 37.2% on a year-over-year basis. During the same quarter last year, the business earned $0.45 earnings per share. sell-side analysts expect that Open Text Corporation will post 0.67 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.132 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.53 dividend on an annualized basis and a yield of 1.53%. Open Text Corporation’s dividend payout ratio is presently 92.98%.
A number of large investors have recently bought and sold shares of OTEX. Wells Fargo & Company MN raised its holdings in Open Text Corporation by 91.9% during the first quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock valued at $163,000 after acquiring an additional 2,294 shares during the period. Alliancebernstein L.P. raised its holdings in Open Text Corporation by 103.8% during the first quarter. Alliancebernstein L.P. now owns 10,626 shares of the software maker’s stock valued at $361,000 after acquiring an additional 5,413 shares during the period. Vanguard Group Inc. increased its holdings in shares of Open Text Corporation by 126.3% in the first quarter. Vanguard Group Inc. now owns 5,446,137 shares of the software maker’s stock worth $185,223,000 after purchasing an additional 3,039,282 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Open Text Corporation by 138.3% in the first quarter. Geode Capital Management LLC now owns 267,636 shares of the software maker’s stock worth $9,070,000 after purchasing an additional 155,340 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Open Text Corporation by 73.6% in the first quarter. Dimensional Fund Advisors LP now owns 63,071 shares of the software maker’s stock worth $2,145,000 after purchasing an additional 26,733 shares during the last quarter. 66.28% of the stock is currently owned by institutional investors and hedge funds.
About Open Text Corporation
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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