Analysts Set Open Text Co. (NASDAQ:OTEX) PT at $35.18

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have earned a consensus rating of “Hold” from the twelve analysts that are covering the company, Marketbeat reports. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $35.18.

A number of analysts recently commented on the company. Royal Bank of Canada decreased their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. TD Securities reduced their price objective on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Scotiabank reduced their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. Citigroup increased their price objective on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Finally, StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th.

Open Text Stock Performance

Shares of OTEX opened at $26.91 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of 10.94 and a beta of 1.12. The stock has a 50 day moving average of $28.31 and a 200 day moving average of $30.44. Open Text has a 12 month low of $26.59 and a 12 month high of $40.55.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. As a group, sell-side analysts forecast that Open Text will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $0.2625 dividend. This is a positive change 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 3.90%. The ex-dividend date is Friday, March 7th. Open Text’s dividend payout ratio (DPR) is presently 42.68%.

Hedge Funds Weigh In On Open Text

A number of large investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. boosted its stake in Open Text by 1.7% during the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock valued at $629,000 after buying an additional 322 shares during the period. BNP Paribas Financial Markets boosted its stake in Open Text by 3.3% during the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after buying an additional 351 shares during the period. Cromwell Holdings LLC boosted its stake in Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares during the period. Blue Trust Inc. boosted its stake in Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after buying an additional 398 shares during the period. Finally, Allworth Financial LP boosted its stake in Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after buying an additional 439 shares during the period. 70.37% of the stock is owned by institutional investors.

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.