Scotiabank Reiterates Sector Perform Rating for Open Text (NASDAQ:OTEX)

Open Text (NASDAQ:OTEX) (TSE:OTC)‘s stock had its “sector perform” rating reissued by investment analysts at Scotiabank in a research report issued to clients and investors on Friday, Benzinga reports.

Other analysts have also issued reports about the stock. Raymond James lowered their target price on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. Citigroup lowered their price target on Open Text from $42.00 to $37.00 and set a “neutral” rating for the company in a report on Friday. National Bankshares decreased their target price on Open Text from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Barclays dropped their price target on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $42.25.

Open Text Trading Down 0.1 %

NASDAQ OTEX traded down $0.03 on Friday, hitting $30.22. 1,477,079 shares of the stock were exchanged, compared to its average volume of 652,609. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. Open Text has a 52-week low of $28.19 and a 52-week high of $45.47. The firm has a market capitalization of $8.25 billion, a P/E ratio of 48.63 and a beta of 1.11. The stock has a fifty day moving average price of $37.32 and a two-hundred day moving average price of $38.77.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results 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 return on equity of 24.45% and a net margin of 2.85%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Research analysts forecast that Open Text will post 4.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in OTEX. Essex LLC purchased a new stake in Open Text in the first quarter valued at approximately $250,000. Easterly Investment Partners LLC boosted its holdings in shares of Open Text by 1.7% in the 1st quarter. Easterly Investment Partners LLC now owns 334,221 shares of the software maker’s stock valued at $12,978,000 after acquiring an additional 5,657 shares during the last quarter. Lorne Steinberg Wealth Management Inc. increased its stake in shares of Open Text by 1.9% in the first quarter. Lorne Steinberg Wealth Management Inc. now owns 119,990 shares of the software maker’s stock worth $4,657,000 after acquiring an additional 2,275 shares during the period. Chase Investment Counsel Corp raised its holdings in shares of Open Text by 6.9% during the first quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock worth $319,000 after purchasing an additional 528 shares during the last quarter. Finally, Tobam lifted its position in Open Text by 102.3% during the first quarter. Tobam now owns 6,474 shares of the software maker’s stock valued at $251,000 after purchasing an additional 3,274 shares during the period. Hedge funds and other 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.