TD Securities Lowers Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target trimmed by TD Securities from $40.00 to $38.00 in a research note issued to investors on Friday, BayStreet.CA reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other equities research analysts also recently weighed in on OTEX. Barclays lowered their price target 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 shares of Open Text from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $45.00 to $33.00 in a research note on Friday. Citigroup reduced their price target on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday. 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. Finally, National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Open Text presently has an average rating of “Hold” and an average price target of $35.90.

Open Text Trading Down 1.2 %

OTEX opened at $28.62 on Friday. Open Text has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $7.60 billion, a PE ratio of 16.54 and a beta of 1.13. The firm’s fifty day moving average price is $32.65 and its 200 day moving average price is $31.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.80 by $0.13. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. As a group, research analysts expect that Open Text will post 3.23 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be issued a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date is Friday, November 29th. This is a boost from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio (DPR) is 60.69%.

Institutional Trading of Open Text

Large investors have recently modified their holdings of the company. Tobam increased its stake in Open Text by 102.3% during the 1st quarter. Tobam now owns 6,474 shares of the software maker’s stock valued at $251,000 after buying an additional 3,274 shares during the period. Chase Investment Counsel Corp increased its stake in Open Text by 6.9% during 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. Lorne Steinberg Wealth Management Inc. increased its stake in Open Text by 1.9% during the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 119,990 shares of the software maker’s stock valued at $4,657,000 after buying an additional 2,275 shares during the period. Easterly Investment Partners LLC increased its stake in Open Text by 1.7% during the 1st quarter. Easterly Investment Partners LLC now owns 334,221 shares of the software maker’s stock valued at $12,978,000 after buying an additional 5,657 shares during the period. Finally, Essex LLC acquired a new position in Open Text during the 1st quarter valued at about $250,000. Institutional investors and hedge funds 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.