Barclays Issues Positive Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lifted by Barclays from $34.00 to $36.00 in a report issued on Friday,Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

A number of other analysts also recently commented on OTEX. TD Securities dropped their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. BMO Capital Markets decreased their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. UBS Group began coverage on shares of Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective for the company. Royal Bank of Canada lowered their price objective on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday. Finally, StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.45.

Open Text Stock Down 5.7 %

Shares of NASDAQ OTEX opened at $27.86 on Friday. The firm has a 50-day moving average price of $28.90 and a 200 day moving average price of $30.64. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 11.33 and a beta of 1.12. Open Text has a 52 week low of $26.84 and a 52 week high of $42.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.33% and a net margin of 12.21%. Equities research analysts anticipate that Open Text will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a dividend of $0.2625 per share. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s dividend payout ratio (DPR) is 42.68%.

Institutional Investors Weigh In On Open Text

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its holdings in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after buying an additional 515 shares during the last quarter. Cromwell Holdings LLC increased its holdings in Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares in the last quarter. Allworth Financial LP raised its position in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in shares of Open Text during the 4th quarter valued at about $138,000. Institutional investors own 70.37% of the company’s stock.

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.