Open Text (NASDAQ:OTEX) Upgraded to Hold at TD Securities

TD Securities upgraded shares of Open Text (NASDAQ:OTEX) (TSE:OTC) to a hold rating in a research note published on Monday,Zacks.com reports.

A number of other equities analysts also recently commented on the company. Jefferies Financial Group lifted their price target on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday, November 6th. National Bankshares set a $45.00 target price on Open Text and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 29th. UBS Group boosted their price target on Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Finally, Citigroup reduced their price objective on Open Text from $38.00 to $36.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 23rd. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.83.

Open Text Stock Down 3.1%

OTEX stock opened at $24.75 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.60. The firm has a 50 day simple moving average of $31.92 and a 200-day simple moving average of $33.64. The company has a market capitalization of $6.23 billion, a P/E ratio of 12.96 and a beta of 1.08. Open Text has a twelve month low of $22.79 and a twelve month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.05. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Open Text had a net margin of 9.60% and a return on equity of 23.44%. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 earnings per share. On average, equities research analysts predict that Open Text will post 3.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Text

Several large investors have recently added to or reduced their stakes in the stock. Arkadios Wealth Advisors grew its stake in shares of Open Text by 596.6% in the third quarter. Arkadios Wealth Advisors now owns 83,192 shares of the software maker’s stock worth $3,110,000 after purchasing an additional 71,249 shares in the last quarter. JARISLOWSKY FRASER Ltd lifted its holdings in Open Text by 0.6% in the third quarter. JARISLOWSKY FRASER Ltd now owns 21,150,154 shares of the software maker’s stock worth $790,736,000 after purchasing an additional 117,436 shares during the period. Intact Investment Management Inc. grew its position in Open Text by 94.9% in the 3rd quarter. Intact Investment Management Inc. now owns 1,175,680 shares of the software maker’s stock valued at $43,950,000 after buying an additional 572,540 shares in the last quarter. Meritage Portfolio Management increased its stake in Open Text by 34.4% during the 3rd quarter. Meritage Portfolio Management now owns 131,407 shares of the software maker’s stock valued at $4,912,000 after buying an additional 33,667 shares during the period. Finally, Brandes Investment Partners LP increased its stake in Open Text by 42.7% during the 2nd quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock valued at $244,356,000 after buying an additional 2,506,058 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.