Open Text (NASDAQ:OTEX) Given New $34.00 Price Target at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lifted by stock analysts at Citigroup from $32.00 to $34.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target points to a potential upside of 1.07% from the stock’s current price.

OTEX has been the topic of a number of other research reports. National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target on the stock. in a research note on Friday, August 2nd. National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. BMO Capital Markets cut their price target on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research note on Friday, August 2nd. Jefferies Financial Group lowered their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, CIBC cut their target price on Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.80.

Open Text Trading Up 1.9 %

NASDAQ:OTEX opened at $33.64 on Wednesday. The stock has a market capitalization of $9.08 billion, a price-to-earnings ratio of 54.26 and a beta of 1.11. Open Text has a 52 week low of $27.50 and a 52 week high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The firm has a 50 day moving average of $31.55 and a 200 day moving average of $32.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business posted $0.79 EPS. The business’s revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Open Text will post 3.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Open Text

Several institutional investors and hedge funds have recently modified their holdings of OTEX. JARISLOWSKY FRASER Ltd increased its holdings in shares of Open Text by 5.1% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock valued at $471,415,000 after purchasing an additional 767,822 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Open Text by 1.3% in the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock worth $401,693,000 after acquiring an additional 135,812 shares during the period. FIL Ltd boosted its stake in shares of Open Text by 25.7% during the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after acquiring an additional 1,853,891 shares in the last quarter. First Trust Advisors LP grew its position in shares of Open Text by 1.1% during the 4th quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock valued at $292,817,000 after acquiring an additional 74,481 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Open Text by 25.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after purchasing an additional 1,118,479 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.