Citigroup Lowers Open Text (NASDAQ:OTEX) Price Target to $33.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective lowered by equities researchers at Citigroup from $34.00 to $33.00 in a note issued to investors on Friday, BayStreet.CA reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Citigroup’s price target would indicate a potential upside of 13.99% from the company’s previous close.

Several other brokerages also recently commented on OTEX. National Bank Financial downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. BMO Capital Markets lowered their target price on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday. Barclays reduced their target price on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday. Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $45.00 to $33.00 in a report on Friday. Finally, Scotiabank lowered their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $35.90.

Open Text Trading Down 3.5 %

Open Text stock traded down $1.05 during midday trading on Friday, hitting $28.95. 738,963 shares of the stock were exchanged, compared to its average volume of 632,212. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text has a 52 week low of $27.50 and a 52 week high of $45.47. The company has a fifty day simple moving average of $32.80 and a two-hundred day simple moving average of $31.62. The stock has a market capitalization of $7.69 billion, a PE ratio of 16.94 and a beta of 1.12.

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

Institutional Trading of Open Text

A number of hedge funds have recently modified their holdings of OTEX. Ridgewood Investments LLC acquired a new stake in shares of Open Text in the second quarter valued at approximately $30,000. Headlands Technologies LLC purchased a new position in Open Text in the first quarter valued at $32,000. Blue Trust Inc. lifted its holdings in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after buying an additional 793 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Open Text during the 2nd quarter worth about $36,000. Finally, Cromwell Holdings LLC increased its position in shares of Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Company Profile

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.