Wall Street Zen upgraded shares of Open Text (NASDAQ:OTEX – Free Report) (TSE:OTC) from a hold rating to a buy rating in a report published on Saturday,Wall Street Zen reports.
Several other equities analysts also recently commented on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Barclays boosted their target price on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Citigroup upped their price target on Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Royal Bank Of Canada cut their price target on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research note on Friday, May 8th. Finally, National Bank Financial decreased their price objective on Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Three research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Open Text currently has an average rating of “Hold” and a consensus price target of $32.46.
Read Our Latest Report on Open Text
Open Text Price Performance
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.97 earnings per share. Analysts expect that Open Text will post 3.72 EPS for the current year.
Open Text Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a dividend of $0.28 per share. This is an increase from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.7%. Open Text’s dividend payout ratio (DPR) is presently 43.41%.
Institutional Investors Weigh In On Open Text
A number of institutional investors and hedge funds have recently made changes to their positions in OTEX. The Manufacturers Life Insurance Company purchased a new stake in Open Text in the second quarter valued at approximately $266,599,000. Norges Bank bought a new stake in Open Text during the fourth quarter valued at approximately $106,700,000. Cibc World Market Inc. purchased a new position in Open Text in the 2nd quarter worth approximately $70,939,000. First Trust Advisors LP increased its holdings 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 buying an additional 2,466,264 shares during the last quarter. Finally, BlackRock Inc. bought a new position in shares of Open Text in the 2nd quarter worth $46,144,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.
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.
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