Wall Street Zen Upgrades Open Text (NASDAQ:OTEX) to Strong-Buy

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Monday.

A number of other research analysts have also recently commented on the company. Scotia dropped their price target on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. National Bank Financial lowered their target price on Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. UBS Group set a $25.00 target price on Open Text in a research report on Friday, May 8th. Raymond James Financial cut their price target on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $33.67.

Open Text Stock Down 2.4%

OTEX stock opened at $22.77 on Monday. The stock has a market capitalization of $5.51 billion, a P/E ratio of 11.11 and a beta of 1.04. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56. Open Text has a 12 month low of $19.77 and a 12 month high of $39.90. The firm has a 50-day moving average price of $22.68 and a 200-day moving average price of $24.25.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.07. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the firm posted $0.82 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that Open Text will post 4.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Open Text

Institutional investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC bought a new position in shares of Open Text during the third quarter worth about $33,000. WealthCollab LLC boosted its holdings in Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in Open Text by 5,096.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after purchasing an additional 1,580 shares during the period. Osaic Holdings Inc. raised its holdings in Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after purchasing an additional 570 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.