Open Text (NASDAQ:OTEX) Stock Rating Lowered by Wall Street Zen

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

A number of other analysts have also weighed in on the company. Raymond James Financial reduced their target price 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. National Bank Financial cut their price target on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Scotiabank decreased their price objective on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Finally, Scotia lowered their price objective on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $33.67.

Open Text Trading Up 0.2%

Shares of NASDAQ:OTEX traded up $0.04 during trading hours on Friday, hitting $23.01. 1,210,004 shares of the company’s stock traded hands, compared to its average volume of 1,857,370. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The business has a fifty day moving average price of $22.76 and a 200-day moving average price of $24.81. Open Text has a 1 year low of $19.77 and a 1 year high of $39.90. The firm has a market capitalization of $5.58 billion, a P/E ratio of 11.22 and a beta of 1.04.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the company earned $0.82 EPS. Open Text’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities analysts expect that Open Text will post 4.05 earnings per share for the current year.

Institutional Trading of Open Text

Hedge funds have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC purchased a new position in Open Text during the 3rd quarter valued at about $33,000. WealthCollab LLC lifted its position in shares of Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of Open Text by 5,096.8% during the fourth 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 in the last quarter. Osaic Holdings Inc. increased its holdings in Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after buying an additional 937 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after buying an additional 570 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.