Shares of Open Text Corporation (NASDAQ:OTEX – Get Free Report) (TSE:OTC) have received an average rating of “Hold” from the thirteen brokerages that are presently covering the company, MarketBeat.com reports. Ten research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $30.95.
Several research firms recently issued reports on OTEX. Scotiabank reduced their price target on Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 7th. Citigroup lifted their price target on Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Zacks Research upgraded Open Text from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Scotia lowered their price objective on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research report on Friday, August 7th. Finally, Weiss Ratings raised Open Text from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday.
Open Text Trading Up 3.4%
OTEX stock opened at $25.83 on Tuesday. The company has a market capitalization of $6.25 billion, a PE ratio of 10.01 and a beta of 1.01. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. Open Text has a one year low of $19.77 and a one year high of $39.81. The company’s 50 day moving average price is $23.75 and its two-hundred day moving average price is $23.22.
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the company earned $0.97 EPS. The firm’s revenue was up 2.9% on a year-over-year basis. As a group, analysts predict that Open Text will post 3.72 earnings per share for the current fiscal year.
Open Text Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Open Text’s previous quarterly dividend of $0.2750. This represents a $1.12 annualized dividend and a dividend yield of 4.3%. Open Text’s payout ratio is presently 43.41%.
Institutional Investors Weigh In On Open Text
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OTEX. Ridgewood Investments LLC grew its holdings in Open Text by 1.4% in the 3rd quarter. Ridgewood Investments LLC now owns 67,238 shares of the software maker’s stock worth $1,507,000 after acquiring an additional 936 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Open Text by 8.3% during the second quarter. Sequoia Financial Advisors LLC now owns 17,506 shares of the software maker’s stock valued at $388,000 after acquiring an additional 1,337 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Open Text by 797.0% during the second quarter. Tidal Investments LLC now owns 300,997 shares of the software maker’s stock worth $6,667,000 after purchasing an additional 267,440 shares during the period. Engineers Gate Manager LP grew its stake in shares of Open Text by 807.5% in the second quarter. Engineers Gate Manager LP now owns 88,032 shares of the software maker’s stock worth $1,950,000 after purchasing an additional 78,332 shares during the last quarter. Finally, Nykredit A S bought a new stake in shares of Open Text in the second quarter worth about $179,000. 70.37% of the stock is currently owned by institutional investors.
Open Text Company Profile
OpenText Corporation (NASDAQ: OTEX) is a Canadian enterprise software company that provides information management solutions for organizations worldwide. Its products help businesses create, capture, manage, secure, exchange and analyze content and data across digital operations.
The company’s portfolio includes enterprise content management, business process management, customer experience management, secure file transfer, cybersecurity, IT operations management, analytics and developer tools.
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