Open Text (NASDAQ:OTEX) PT Raised to $34.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective hoisted by equities research analysts at Citigroup from $32.00 to $34.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective would indicate a potential upside of 1.07% from the stock’s previous close.

OTEX has been the topic of a number of other research reports. Jefferies Financial Group reduced their price objective on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. CIBC reduced their price target on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. Barclays lowered their price objective on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a report on Friday, August 2nd. Finally, National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.80.

Open Text Price Performance

OTEX stock opened at $33.64 on Wednesday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The company’s fifty day moving average price is $31.55 and its 200-day moving average price is $32.47. Open Text has a one year low of $27.50 and a one year high of $45.47. The company has a market capitalization of $9.08 billion, a PE ratio of 54.26 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. The business’s revenue was down 8.6% on a year-over-year basis. On average, equities analysts anticipate that Open Text will post 3.23 EPS for the current fiscal year.

Institutional Trading of Open Text

A number of large investors have recently made changes to their positions in the stock. Chase Investment Counsel Corp boosted its position in Open Text by 6.9% in the 1st quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after buying an additional 528 shares during the period. Optiver Holding B.V. purchased a new stake in shares of Open Text in the fourth quarter valued at approximately $27,000. Headlands Technologies LLC purchased a new stake in shares of Open Text in the first quarter valued at approximately $32,000. Vanguard Personalized Indexing Management LLC grew its stake in Open Text by 5.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after purchasing an additional 874 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new position in Open Text during the 2nd quarter worth $30,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

About Open Text

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.