Open Text (NASDAQ:OTEX) Receives “Hold (C)” Rating from Weiss Ratings

Open Text (NASDAQ:OTEX) (TSE:OTC)‘s stock had its “hold (c)” rating reissued by stock analysts at Weiss Ratings in a research report issued to clients and investors on Saturday,Weiss Ratings reports.

Other equities research analysts also recently issued research reports about the company. Scotiabank raised Open Text from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $35.00 to $50.00 in a report on Wednesday, September 24th. Jefferies Financial Group downgraded Open Text from a “buy” rating to a “hold” rating and set a $33.00 target price for the company. in a report on Tuesday, August 12th. Wall Street Zen upgraded Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. TD Cowen restated a “hold” rating and issued a $40.00 price target on shares of Open Text in a research report on Friday, October 3rd. Finally, Royal Bank Of Canada raised their price target on Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Tuesday, September 2nd. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $38.08.

Open Text Stock Up 0.8%

OTEX opened at $39.35 on Friday. Open Text has a fifty-two week low of $22.79 and a fifty-two week high of $39.90. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $9.91 billion, a P/E ratio of 23.85 and a beta of 1.17. The stock has a fifty day moving average of $36.16 and a 200-day moving average of $30.95.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm earned $0.98 earnings per share. The company’s revenue was down 3.8% on a year-over-year basis. On average, equities analysts expect that Open Text will post 3.45 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OTEX. Oppenheimer Asset Management Inc. bought a new position in Open Text in the first quarter valued at about $323,000. Bessemer Group Inc. grew its position in Open Text by 2,109.1% in the first quarter. Bessemer Group Inc. now owns 54,675 shares of the software maker’s stock valued at $1,381,000 after acquiring an additional 52,200 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Open Text by 12.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker’s stock valued at $4,735,000 after acquiring an additional 21,089 shares during the last quarter. Vontobel Holding Ltd. grew its position in Open Text by 10.3% in the first quarter. Vontobel Holding Ltd. now owns 65,450 shares of the software maker’s stock valued at $1,652,000 after acquiring an additional 6,099 shares during the last quarter. Finally, Cidel Asset Management Inc. grew its position in Open Text by 2.1% in the first quarter. Cidel Asset Management Inc. now owns 912,578 shares of the software maker’s stock valued at $23,029,000 after acquiring an additional 18,754 shares during the last quarter. 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.