Open Text (NASDAQ:OTEX) PT Lowered to $50.00 at National Bankshares

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by National Bankshares from $60.00 to $50.00 in a research note published on Friday, BayStreet.CA reports. They currently have an outperform rating on the software maker’s stock.

Other analysts have also recently issued reports about the company. Citigroup cut their price objective on Open Text from $44.00 to $42.00 and set a neutral rating for the company in a research report on Friday, March 22nd. Royal Bank of Canada reiterated an outperform rating and issued a $53.00 price objective on shares of Open Text in a report on Friday, February 2nd. TD Securities raised their target price on shares of Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research note on Friday, February 2nd. CIBC lifted their target price on shares of Open Text from $42.00 to $44.00 and gave the stock a neutral rating in a report on Thursday, January 11th. Finally, Jefferies Financial Group assumed coverage on shares of Open Text in a research report on Tuesday, February 27th. They set a buy rating and a $45.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $42.25.

Open Text Stock Down 0.1 %

Shares of NASDAQ:OTEX traded down $0.03 during mid-day trading on Friday, reaching $30.22. 1,477,069 shares of the stock were exchanged, compared to its average volume of 652,609. The stock’s 50 day simple moving average is $37.32 and its 200-day simple moving average is $38.77. Open Text has a one year low of $28.19 and a one year high of $45.47. The company has a market cap of $8.25 billion, a P/E ratio of 48.63 and a beta of 1.11. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. Open Text had a return on equity of 24.45% and a net margin of 2.85%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. As a group, equities research analysts predict that Open Text will post 4.14 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued a dividend of $0.435 per share. This is an increase from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, May 31st. This represents a $1.74 annualized dividend and a dividend yield of 5.76%. Open Text’s dividend payout ratio (DPR) is 161.29%.

Hedge Funds Weigh In On Open Text

Large investors have recently bought and sold shares of the company. Optiver Holding B.V. acquired a new position in shares of Open Text in the fourth quarter valued at approximately $27,000. Pacifica Partners Inc. acquired a new position in Open Text in the 4th quarter valued at approximately $32,000. Allworth Financial LP raised its stake in shares of Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after acquiring an additional 533 shares during the last quarter. Assetmark Inc. acquired a new position in shares of Open Text during the fourth quarter worth $48,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Open Text by 18.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock worth $92,000 after purchasing an additional 334 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.