Open Text (NASDAQ:OTEX) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a hold rating to a buy rating in a report issued on Saturday morning,Wall Street Zen reports.

Several other equities research analysts also recently weighed in on OTEX. Scotiabank decreased their price target on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a report on Friday, August 7th. Citigroup upped their price objective on shares of Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Raymond James Financial cut shares of Open Text from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $35.00 to $29.50 in a research note on Thursday, August 6th. Scotia dropped their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Finally, UBS Group increased their price target on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Three analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $32.46.

Open Text Stock Down 3.6%

OTEX opened at $23.95 on Friday. The business has a 50 day moving average price of $23.95 and a two-hundred day moving average price of $23.36. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. The company has a market cap of $5.80 billion, a PE ratio of 9.28 and a beta of 1.02. 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 announced its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.21. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The company’s revenue was up 2.9% on a year-over-year basis. During the same period last year, the business posted $0.97 EPS. As a group, research analysts anticipate that Open Text will post 3.72 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a $0.28 dividend. This is a boost from Open Text’s previous quarterly dividend of $0.28. This represents a $1.12 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Friday, September 4th. Open Text’s dividend payout ratio (DPR) is currently 43.41%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tidal Investments LLC lifted its stake in Open Text by 2.6% in the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after buying an additional 460 shares in the last quarter. WealthCollab LLC increased its position in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after buying an additional 464 shares in the last quarter. Byrne Asset Management LLC raised its holdings in shares of Open Text by 11.5% in the second quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock worth $107,000 after acquiring an additional 500 shares during the last quarter. Vident Advisory LLC lifted its position in shares of Open Text by 3.7% in the fourth quarter. Vident Advisory LLC now owns 15,715 shares of the software maker’s stock valued at $512,000 after acquiring an additional 555 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 valued at $59,000 after acquiring an additional 570 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.