Open Text (NASDAQ:OTEX) Price Target Lowered to $42.00 at Jefferies Financial Group

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by Jefferies Financial Group from $45.00 to $42.00 in a report published on Friday morning, BayStreet.CA reports. Jefferies Financial Group currently has a buy rating on the software maker’s stock.

OTEX has been the subject of several other reports. Royal Bank of Canada reiterated an outperform rating and set a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. National Bankshares decreased their target price on Open Text from $60.00 to $50.00 and set an outperform rating on the stock in a research report on Friday. StockNews.com raised Open Text from a hold rating to a buy rating in a report on Tuesday, February 6th. Citigroup reduced their price objective on Open Text from $42.00 to $37.00 and set a neutral rating for the company in a research report on Friday. Finally, CIBC cut their target price on Open Text from $44.00 to $38.50 and set a neutral rating for the company in a research note on Friday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $42.25.

Open Text Stock Performance

NASDAQ:OTEX traded down $5.22 during midday trading on Friday, reaching $30.25. The stock had a trading volume of 3,706,318 shares, compared to its average volume of 728,893. The stock has a market capitalization of $8.25 billion, a P/E ratio of 48.79 and a beta of 1.11. Open Text has a 1-year low of $28.19 and a 1-year high of $45.47. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38. The firm’s fifty day simple moving average is $37.32 and its 200-day simple moving average is $38.70.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. Open Text had a return on equity of 24.61% and a net margin of 2.85%. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.48 billion. On average, equities research analysts forecast that Open Text will post 4.14 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.435 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a yield of 5.75%. The ex-dividend date is Friday, May 31st. Open Text’s dividend payout ratio is currently 161.29%.

Institutional Investors Weigh In On Open Text

A number of hedge funds have recently made changes to their positions in OTEX. Vanguard Group Inc. increased its holdings in shares of Open Text by 1.6% during the third quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock worth $354,019,000 after buying an additional 154,240 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Open Text in the third quarter worth $2,630,000. Vontobel Holding Ltd. grew its holdings in shares of Open Text by 182.1% during the fourth quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock worth $1,563,000 after purchasing an additional 24,000 shares during the last quarter. Value Partners Investments Inc. grew its holdings in shares of Open Text by 16.3% during the fourth quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock worth $85,983,000 after purchasing an additional 286,766 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Open Text by 7.1% in the third quarter. Canada Pension Plan Investment Board now owns 837,880 shares of the software maker’s stock valued at $29,543,000 after buying an additional 55,360 shares in the last quarter. Institutional investors and hedge funds 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.