Open Text Corporation (NASDAQ:OTEX) Receives Consensus Rating of “Hold” from Analysts

Shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) have been given an average rating of “Hold” by the fourteen brokerages that are currently covering the stock, Marketbeat reports. Ten research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $33.6667.

A number of research firms recently issued reports on OTEX. National Bank Financial lowered their price target on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Citigroup decreased their price target on Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Barclays lifted their price objective on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Scotia decreased their target price on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Finally, Raymond James Financial lowered their price target on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, May 8th.

Open Text Stock Up 3.0%

Shares of NASDAQ OTEX opened at $26.11 on Thursday. The business has a 50-day moving average price of $22.87 and a 200 day moving average price of $23.71. The stock has a market cap of $6.32 billion, a PE ratio of 12.74 and a beta of 1.04. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. Open Text has a 52-week low of $19.77 and a 52-week high of $39.90.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OTEX. Tidal Investments LLC increased its stake in Open Text by 2.6% during the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after purchasing an additional 460 shares during the last quarter. 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 buying an additional 464 shares during the last quarter. Byrne Asset Management LLC lifted its position in shares of Open Text by 11.5% in the 2nd quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock worth $107,000 after buying an additional 500 shares during the last quarter. Vident Advisory LLC boosted its holdings in shares of Open Text by 3.7% in the 4th quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock valued at $512,000 after buying an additional 555 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after buying an additional 570 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Company Profile

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.