Open Text (NASDAQ:OTEX) Price Target Increased to $44.00 by Analysts at Citigroup

Open Text (NASDAQ:OTEXFree Report) (TSE:OTC) had its price target raised by Citigroup from $38.00 to $44.00 in a research report released on Friday morning, BayStreet.CA reports. They currently have a neutral rating on the software maker’s stock.

Other analysts have also recently issued research reports about the stock. Stifel Nicolaus dropped their price objective on shares of Open Text from $44.00 to $38.00 and set a neutral rating for the company in a research note on Monday, October 16th. Royal Bank of Canada reiterated an outperform rating and issued a $53.00 price target on shares of Open Text in a research report on Friday. BMO Capital Markets increased their price target on Open Text from $45.00 to $48.00 and gave the stock an outperform rating in a research report on Wednesday, November 29th. StockNews.com cut Open Text from a buy rating to a hold rating in a report on Monday, January 29th. Finally, Barclays increased their target price on Open Text from $40.00 to $44.00 and gave the stock an equal weight rating in a report on Friday, December 1st. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Open Text presently has an average rating of Hold and an average price target of $46.71.

View Our Latest Analysis on OTEX

Open Text Stock Performance

NASDAQ:OTEX opened at $43.07 on Friday. The stock has a 50 day simple moving average of $41.40 and a 200 day simple moving average of $38.81. The stock has a market cap of $11.71 billion, a P/E ratio of 91.64 and a beta of 1.14. Open Text has a 1-year low of $32.04 and a 1-year high of $45.47. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 2.13.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last posted its earnings results on Thursday, November 2nd. The software maker reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.09. Open Text had a return on equity of 22.96% and a net margin of 2.24%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. Research analysts anticipate that Open Text will post 4.29 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

Several hedge funds and other institutional investors have recently modified their holdings of OTEX. Pacifica Partners Inc. acquired a new stake in Open Text in the fourth quarter valued at about $32,000. IFP Advisors Inc lifted its holdings in shares of Open Text by 82.0% in the third quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock worth $31,000 after acquiring an additional 392 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Open Text by 125.7% in the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after purchasing an additional 533 shares in the last quarter. Power Corp of Canada bought a new stake in shares of Open Text during the 1st quarter valued at approximately $43,000. Finally, Impact Partnership Wealth LLC acquired a new position in Open Text during the 3rd quarter worth approximately $37,000. Institutional investors own 64.53% of the company’s stock.

Open Text Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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