Open Text (NASDAQ:OTEX) Price Target Cut to $50.00 by Analysts at National Bankshares

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lowered by National Bankshares from $60.00 to $50.00 in a report released on Friday morning, BayStreet.CA reports. The brokerage currently has an outperform rating on the software maker’s stock.

OTEX has been the topic of a number of other research reports. CIBC boosted their price target on Open Text from $42.00 to $44.00 and gave the company a neutral rating in a report on Thursday, January 11th. Royal Bank of Canada reissued an outperform rating and set a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. TD Securities raised their price target on Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research note on Friday, February 2nd. StockNews.com raised shares of Open Text from a hold rating to a buy rating in a research report on Tuesday, February 6th. Finally, Jefferies Financial Group began coverage on shares of Open Text in a report on Tuesday, February 27th. They issued a buy rating and a $45.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $42.25.

Open Text Trading Down 0.1 %

Shares of NASDAQ OTEX traded down $0.03 during mid-day trading on Friday, hitting $30.22. The stock had a trading volume of 1,477,069 shares, compared to its average volume of 652,609. The firm has a market cap of $8.25 billion, a P/E ratio of 48.63 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The business has a 50 day moving average price of $37.32 and a two-hundred day moving average price of $38.77. Open Text has a 1 year low of $28.19 and a 1 year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a net margin of 2.85% and a return on equity of 24.45%. On average, equities analysts anticipate that Open Text will post 4.14 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date of this dividend is Friday, May 31st. This is a boost from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio is 161.29%.

Hedge Funds Weigh In On Open Text

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Optiver Holding B.V. purchased a new stake in shares of Open Text in the 4th quarter worth approximately $27,000. Pacifica Partners Inc. purchased a new position in Open Text during the fourth quarter valued at $32,000. Allworth Financial LP boosted its holdings in Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after acquiring an additional 533 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Open Text in the fourth quarter worth $48,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Open Text by 18.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after acquiring an additional 334 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

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.