Open Text (NASDAQ:OTEX) Stock Rating Upgraded by BidaskClub
OTEX has been the subject of a number of other reports. Zacks Investment Research cut shares of Open Text from a hold rating to a sell rating in a research report on Thursday, August 8th. Benchmark reissued a buy rating and set a $48.00 target price (up previously from $42.00) on shares of Open Text in a report on Thursday, July 11th. Raymond James set a $48.00 target price on Open Text and gave the stock an outperform rating in a report on Friday, August 2nd. TD Securities lifted their target price on Open Text from $45.00 to $48.00 and gave the stock a buy rating in a report on Friday, August 2nd. Finally, CIBC reissued a buy rating and set a $53.00 target price on shares of Open Text in a report on Sunday, August 4th. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. Open Text presently has an average rating of Buy and an average target price of $47.25.
OTEX stock traded down $0.20 during midday trading on Tuesday, reaching $41.05. 35,697 shares of the company were exchanged, compared to its average volume of 522,630. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.54 and a quick ratio of 1.54. The business has a 50-day moving average price of $39.87 and a two-hundred day moving average price of $39.80. Open Text has a one year low of $30.99 and a one year high of $44.49. The firm has a market capitalization of $11.14 billion, a price-to-earnings ratio of 38.79 and a beta of 0.56.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.175 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.71%. This is an increase from Open Text’s previous quarterly dividend of $0.17. Open Text’s dividend payout ratio (DPR) is currently 66.04%.
Hedge funds have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC raised its stake in Open Text by 141.2% in the second quarter. Flagship Harbor Advisors LLC now owns 627 shares of the software maker’s stock valued at $25,000 after purchasing an additional 367 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in Open Text in the first quarter valued at about $25,000. Zions Bancorporation N.A. acquired a new position in Open Text in the first quarter valued at about $27,000. Icon Wealth Partners LLC acquired a new position in Open Text in the first quarter valued at about $46,000. Finally, Bremer Bank National Association acquired a new position in Open Text in the first quarter valued at about $109,000. 64.60% of the stock is owned by institutional investors and hedge funds.
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.
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