Open Text (NASDAQ:OTEX) Rating Increased to Strong-Buy at StockNews.com

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday.

OTEX has been the subject of a number of other reports. Scotiabank reduced their price target on shares of 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 reduced their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Barclays cut their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Finally, TD Securities decreased their price objective on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.55.

Open Text Trading Down 3.2 %

Shares of Open Text stock traded down $0.94 on Tuesday, hitting $28.63. 1,056,634 shares of the company’s stock traded hands, compared to its average volume of 647,486. The company has a fifty day moving average of $31.10 and a two-hundred day moving average of $31.03. Open Text has a one year low of $27.50 and a one year high of $45.47. The company has a market capitalization of $7.61 billion, a price-to-earnings ratio of 16.55 and a beta of 1.11. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS. As a group, sell-side analysts expect that Open Text will post 3.37 earnings per share for the current year.

Institutional Trading of Open Text

Several institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. grew its position in Open Text by 19.9% in the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock worth $7,086,000 after purchasing an additional 34,135 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Open Text in the 3rd quarter worth approximately $499,000. Toronto Dominion Bank increased its position in shares of Open Text by 169.6% during the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock valued at $19,173,000 after acquiring an additional 362,422 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Open Text by 4.6% during the third quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock worth $46,460,000 after acquiring an additional 61,696 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in Open Text in the third quarter worth $1,521,000. Hedge funds and other institutional investors 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.