Open Text (NASDAQ:OTEX) Price Target Raised to $36.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price raised by Barclays from $34.00 to $36.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

OTEX has been the subject of several other reports. Royal Bank of Canada decreased their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. TD Securities decreased their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. UBS Group initiated coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. Finally, Scotiabank cut their price objective 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. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.45.

Open Text Trading Down 5.7 %

OTEX opened at $27.86 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock’s fifty day moving average is $28.90 and its two-hundred day moving average is $30.64. The company has a market capitalization of $7.35 billion, a P/E ratio of 11.33 and a beta of 1.12. Open Text has a 52 week low of $26.84 and a 52 week high of $42.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. Analysts forecast that Open Text will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a dividend of $0.2625 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.77%. Open Text’s dividend payout ratio is presently 42.68%.

Hedge Funds Weigh In On Open Text

Institutional investors and hedge funds have recently bought and sold shares of the business. Cooke & Bieler LP lifted its stake in Open Text by 6.6% in the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock worth $178,670,000 after purchasing an additional 389,220 shares in the last quarter. Toronto Dominion Bank raised its position in Open Text by 169.6% in the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock valued at $19,173,000 after purchasing an additional 362,422 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Open Text by 1,290.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock valued at $11,209,000 after purchasing an additional 312,567 shares during the last quarter. AustralianSuper Pty Ltd purchased a new position in shares of Open Text during the 3rd quarter worth $8,011,000. Finally, Andra AP fonden increased its position in shares of Open Text by 386.5% during the 4th quarter. Andra AP fonden now owns 267,600 shares of the software maker’s stock worth $7,578,000 after purchasing an additional 212,600 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.