Raymond James Reaffirms “Outperform” Rating for Open Text (NASDAQ:OTEX)
Raymond James reaffirmed their outperform rating on shares of Open Text (NASDAQ:OTEX) (TSE:OTC) in a research report released on Thursday, BayStreet.CA reports. The brokerage currently has a $48.00 price objective on the software maker’s stock.
A number of other brokerages also recently issued reports on OTEX. BidaskClub raised shares of ZIX from a buy rating to a strong-buy rating in a research report on Friday, May 3rd. Zacks Investment Research raised shares of General Moly from a sell rating to a hold rating in a research report on Thursday. Finally, Benchmark reaffirmed a buy rating and issued a $48.00 price objective (up from $42.00) on shares of Open Text in a research report on Thursday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $46.09.
Shares of OTEX stock opened at $42.50 on Thursday. Open Text has a 52-week low of $30.99 and a 52-week high of $43.14. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. The stock has a 50-day moving average price of $41.13. The company has a market cap of $11.46 billion, a P/E ratio of 41.67 and a beta of 0.48.
The business also recently announced a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, May 31st were paid a $0.1746 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.64%. This is a boost from Open Text’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, May 30th. Open Text’s payout ratio is presently 76.92%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Meridian Wealth Management LLC purchased a new position in Open Text in the first quarter valued at about $25,000. Zions Bancorporation N.A. purchased a new position in Open Text in the first quarter valued at about $27,000. Icon Wealth Partners LLC purchased a new position in Open Text in the first quarter valued at about $46,000. Shine Investment Advisory Services Inc. boosted its stake in Open Text by 18.3% in the first quarter. Shine Investment Advisory Services Inc. now owns 2,622 shares of the software maker’s stock valued at $101,000 after acquiring an additional 405 shares during the last quarter. Finally, Bremer Bank National Association purchased a new position in Open Text in the first quarter valued at about $109,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.
About Open Text
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.
Recommended Story: What is the Quick Ratio?
Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.