Open Text (NASDAQ:OTEX) PT Lowered to $33.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price reduced by analysts at CIBC from $36.00 to $33.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. CIBC’s target price would suggest a potential upside of 6.76% from the company’s current price.

OTEX has been the subject of a number of other reports. National Bankshares reduced their target price on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Citigroup reduced their target price on shares of Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Raymond James reduced their target price on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. TD Securities cut their price target on shares of Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a report on Saturday, May 11th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Open Text has a consensus rating of “Moderate Buy” and a consensus price target of $41.20.

Open Text Price Performance

Shares of Open Text stock traded down $0.03 on Friday, hitting $30.91. 13,188 shares of the company were exchanged, compared to its average volume of 671,748. The stock has a market capitalization of $8.28 billion, a price-to-earnings ratio of 49.90 and a beta of 1.12. The company has a 50-day moving average price of $29.96 and a 200 day moving average price of $35.49. Open Text has a 1-year low of $27.54 and a 1-year high of $45.47. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. As a group, sell-side analysts predict that Open Text will post 3.79 earnings per share for the current fiscal year.

Institutional Trading of Open Text

Several large investors have recently modified their holdings of the business. Assenagon Asset Management S.A. grew its position in shares of Open Text by 11.6% in the second quarter. Assenagon Asset Management S.A. now owns 18,550 shares of the software maker’s stock valued at $557,000 after purchasing an additional 1,926 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its position in Open Text by 3.1% during the second quarter. NorthCrest Asset Manangement LLC now owns 95,604 shares of the software maker’s stock worth $2,872,000 after acquiring an additional 2,834 shares during the last quarter. M&G Plc acquired a new stake in Open Text during the second quarter worth approximately $404,000. Value Partners Investments Inc. boosted its position in Open Text by 17.5% during the second quarter. Value Partners Investments Inc. now owns 2,291,818 shares of the software maker’s stock worth $68,846,000 after acquiring an additional 341,073 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Open Text by 3.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 29,585 shares of the software maker’s stock worth $1,149,000 after acquiring an additional 1,056 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.