Open Text (NASDAQ:OTEX) Given New $42.00 Price Target at Jefferies Financial Group

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by investment analysts at Jefferies Financial Group from $45.00 to $42.00 in a report released on Friday, BayStreet.CA reports. The firm presently has a “buy” rating on the software maker’s stock. Jefferies Financial Group’s target price suggests a potential upside of 38.84% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. TD Securities dropped their target price on shares of Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Friday. BMO Capital Markets lowered Open Text from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $50.00 to $38.00 in a research report on Friday. National Bankshares reduced their price objective on Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $53.00 price target on shares of Open Text in a research report on Friday, February 2nd. Finally, Citigroup lowered their price objective on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating for the company in a research report on Friday. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.25.

Open Text Trading Down 14.7 %

Shares of OTEX stock traded down $5.22 during mid-day trading on Friday, reaching $30.25. The company’s stock had a trading volume of 3,706,318 shares, compared to its average volume of 728,893. The company’s 50 day simple moving average is $37.32 and its 200-day simple moving average is $38.73. The firm has a market capitalization of $8.25 billion, a PE ratio of 48.79 and a beta of 1.11. Open Text has a 12-month low of $28.19 and a 12-month high of $45.47. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.01. Open Text had a net margin of 2.85% and a return on equity of 24.61%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. On average, research analysts predict that Open Text will post 4.14 EPS for the current fiscal year.

Institutional Trading of Open Text

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Harris Associates L P increased its stake in shares of Open Text by 1.6% during the third quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock valued at $404,144,000 after acquiring an additional 177,600 shares during the period. Vanguard Group Inc. boosted its stake in Open Text by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 10,209,098 shares of the software maker’s stock valued at $428,986,000 after purchasing an additional 123,090 shares in the last quarter. FIL Ltd raised its stake in shares of Open Text by 25.7% in the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after buying an additional 1,853,891 shares in the last quarter. Beutel Goodman & Co Ltd. lifted its holdings in shares of Open Text by 9.9% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock valued at $365,800,000 after buying an additional 782,885 shares during the period. Finally, First Trust Advisors LP boosted its stake in Open Text by 1.1% during the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock valued at $292,817,000 after buying an additional 74,481 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.