Open Text Corporation (NASDAQ:OTEX) Receives $33.67 Consensus PT from Brokerages

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

A number of research analysts have weighed in on OTEX shares. Royal Bank Of Canada cut their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Wall Street Zen raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Scotiabank cut their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 8th. Barclays lifted their price target on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Finally, Raymond James Financial cut their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th.

Open Text Stock Performance

Shares of OTEX opened at $22.23 on Wednesday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. Open Text has a twelve month low of $20.00 and a twelve month high of $39.90. The firm’s 50 day moving average price is $22.95 and its two-hundred day moving average price is $26.42. The firm has a market cap of $5.39 billion, a P/E ratio of 10.84 and a beta of 1.05.

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

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, June 5th. Open Text’s payout ratio is currently 53.66%.

Institutional Trading of Open Text

Institutional investors have recently made changes to their positions in the business. CIBC Private Wealth Group LLC bought a new stake in shares of Open Text in the third quarter worth $33,000. WealthCollab LLC lifted its position in shares of Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Open Text by 5,096.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after purchasing an additional 1,580 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of Open Text by 108.8% in the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of 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 purchasing an additional 570 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

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.