Open Text Corporation (NASDAQ:OTEX – Get Free Report) (TSE:OTC) has been given a consensus rating of “Hold” by the fourteen ratings firms that are presently covering the firm, Marketbeat.com reports. Ten research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $33.6667.
Several brokerages have recently commented on OTEX. Scotia reduced their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. National Bank Financial cut their price objective on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Scotiabank reduced their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Friday, May 8th. Royal Bank Of Canada decreased their target price on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Finally, Barclays lifted their price objective on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th.
Check Out Our Latest Research Report on Open Text
Open Text Stock Down 0.1%
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 EPS. On average, equities research analysts anticipate that Open Text will post 4.05 EPS for the current fiscal year.
Open Text Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were given a dividend of $0.275 per share. The ex-dividend date was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 4.3%. Open Text’s payout ratio is currently 53.66%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Open Text during the 4th quarter worth $106,700,000. First Trust Advisors LP grew its stake in shares of Open Text by 27.3% in the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock worth $374,394,000 after purchasing an additional 2,466,264 shares during the last quarter. Morgan Stanley grew its position in Open Text by 76.8% in the fourth quarter. Morgan Stanley now owns 2,884,381 shares of the software maker’s stock worth $93,973,000 after buying an additional 1,253,405 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Open Text by 11.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock worth $349,978,000 after acquiring an additional 1,122,320 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in Open Text by 10.9% during the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after buying an additional 965,385 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.
About Open Text
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.
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