Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) had its target price increased by investment analysts at Barclays from $27.00 to $29.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price indicates a potential upside of 14.17% from the stock’s current price.
Other research analysts have also issued research reports about the company. Scotia decreased their price objective on Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a report on Friday, August 7th. Scotiabank dropped their target price on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a report on Friday, August 7th. Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, September 5th. Citigroup raised their price target on shares of Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Finally, Weiss Ratings raised shares of Open Text from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, October 14th. Three research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Open Text has an average rating of “Hold” and a consensus target price of $30.72.
Open Text Price Performance
Shares of NASDAQ OTEX traded down $0.72 during midday trading on Friday, hitting $25.40. The stock had a trading volume of 449,866 shares, compared to its average volume of 1,929,294. The company has a market capitalization of $6.13 billion, a PE ratio of 9.85 and a beta of 0.98. The stock has a 50 day simple moving average of $24.45 and a 200-day simple moving average of $23.86. Open Text has a 1 year low of $19.77 and a 1 year high of $35.65. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43.
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last issued its quarterly earnings results on Thursday, November 5th. The software maker reported $1.05 EPS for the quarter, topping the consensus estimate of $0.94 by $0.11. Open Text had a return on equity of 25.76% and a net margin of 12.26%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. On average, sell-side analysts expect that Open Text will post 3.72 EPS for the current fiscal year.
Hedge Funds Weigh In On Open Text
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kimelman & Baird LLC purchased a new stake in Open Text in the 2nd quarter valued at $27,000. Global Retirement Partners LLC acquired a new stake in shares of Open Text in the 2nd quarter worth $34,000. Allworth Financial LP acquired a new stake in shares of Open Text in the 2nd quarter worth $53,000. Mondrian Investment Partners LTD acquired a new stake in shares of Open Text in the 3rd quarter worth $67,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Open Text by 23.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,117 shares of the software maker’s stock worth $92,000 after acquiring an additional 769 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.
About Open Text
OpenText Corporation is a Canadian enterprise software company that develops solutions for managing, securing and exchanging business information. Its offerings help organizations organize content, automate business processes, connect with customers and partners, and manage information across cloud, on-premises and hybrid environments.
The company’s portfolio includes enterprise content management, business network and integration services, customer experience tools, cybersecurity and information governance solutions, and software for managing enterprise applications and information technology operations.
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