Open Text Co. (NASDAQ:OTEX) Receives Average Rating of “Hold” from Analysts

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have earned a consensus rating of “Hold” from the twelve research firms that are presently covering the company, MarketBeat reports. Nine analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $35.18.

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada reduced their price objective on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a 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. UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective for the company. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, Barclays boosted their price objective on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th.

Institutional Investors Weigh In On Open Text

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted 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 worth $369,000 after purchasing an additional 351 shares during the last quarter. Blue Trust Inc. lifted 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 worth $39,000 after purchasing an additional 398 shares during the last quarter. Allworth Financial LP lifted 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 worth $73,000 after purchasing an additional 439 shares during the last quarter. IFP Advisors Inc lifted its stake in Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after purchasing an additional 515 shares during the last quarter. Finally, DGS Capital Management LLC lifted its stake in shares of Open Text by 2.0% in the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker’s stock valued at $750,000 after acquiring an additional 530 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Trading Down 0.0 %

Open Text stock opened at $26.38 on Monday. Open Text has a 52 week low of $24.86 and a 52 week high of $39.87. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $6.96 billion, a P/E ratio of 10.72 and a beta of 1.17. The stock has a 50-day simple moving average of $27.51 and a 200 day simple moving average of $29.67.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping 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%. Analysts expect that Open Text will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 3.98%. Open Text’s dividend payout ratio is presently 42.68%.

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.