Open Text (NASDAQ:OTEX) Price Target Cut to $48.00 by Analysts at Raymond James

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by equities research analysts at Raymond James from $55.00 to $48.00 in a research report issued on Friday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Raymond James’ price target points to a potential upside of 58.68% from the company’s current price.

A number of other research analysts also recently commented on OTEX. BMO Capital Markets downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $50.00 to $38.00 in a research report on Friday. Barclays reduced their target price on shares of Open Text from $44.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $53.00 target price on shares of Open Text in a report on Friday, February 2nd. StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a report on Tuesday, February 6th. Finally, CIBC reduced their target price on shares of Open Text from $44.00 to $38.50 and set a “neutral” rating for the company in a report on Friday. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $42.25.

Open Text Stock Performance

Shares of OTEX opened at $30.25 on Friday. The firm has a 50-day moving average of $37.32 and a 200-day moving average of $38.73. Open Text has a one year low of $28.19 and a one year high of $45.47. The company has a market cap of $8.25 billion, a PE ratio of 48.79 and a beta of 1.11. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. Open Text had a net margin of 2.85% and a return on equity of 24.61%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. As a group, equities analysts forecast that Open Text will post 4.14 earnings per share for the current year.

Institutional Trading of Open Text

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Boston Partners raised its stake in Open Text by 0.5% in the 4th quarter. Boston Partners now owns 60,137 shares of the software maker’s stock worth $2,527,000 after purchasing an additional 318 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Open Text by 18.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after buying an additional 334 shares in the last quarter. Chase Investment Counsel Corp raised its position in shares of Open Text by 6.9% in the 1st quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after buying an additional 528 shares in the last quarter. Allworth Financial LP raised its position in shares of Open Text by 125.7% in the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares in the last quarter. Finally, Optiver Holding B.V. acquired a new position in shares of Open Text in the 4th quarter valued at approximately $27,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Open Text

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.