Open Text (NASDAQ:OTEX) Given New $32.00 Price Target at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price decreased by Citigroup from $37.00 to $32.00 in a report released on Wednesday morning, Benzinga reports. Citigroup currently has a neutral rating on the software maker’s stock.

OTEX has been the subject of a number of other research reports. National Bankshares decreased their price objective on shares of Open Text from $60.00 to $50.00 and set an outperform rating for the company in a research note on Friday, May 3rd. StockNews.com upgraded shares of Open Text from a hold rating to a buy rating in a research report on Saturday, May 11th. Scotiabank reiterated a sector perform rating on shares of Open Text in a research report on Friday, May 3rd. CIBC cut their target price on shares of Open Text from $38.50 to $36.00 and set a neutral rating for the company in a research report on Friday, June 21st. Finally, Raymond James cut their target price on shares of Open Text from $55.00 to $48.00 and set an outperform rating for the company in a research report on Friday, May 3rd. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Open Text currently has a consensus rating of Moderate Buy and a consensus target price of $41.50.

Open Text Trading Up 0.6 %

Open Text stock opened at $30.04 on Wednesday. The company has a 50 day moving average price of $30.69 and a 200 day moving average price of $36.64. Open Text has a 52 week low of $27.54 and a 52 week high of $45.47. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 48.45 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. Research analysts forecast that Open Text will post 3.79 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st were issued a dividend of $0.435 per share. The ex-dividend date was Friday, May 31st. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.79%. This is an increase from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio (DPR) is currently 159.68%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OTEX. Optiver Holding B.V. acquired a new position in Open Text in the 4th quarter valued at $27,000. Pacifica Partners Inc. acquired a new stake in Open Text in the 4th quarter worth $32,000. Headlands Technologies LLC acquired a new stake in Open Text in the 1st quarter worth $32,000. Assetmark Inc. acquired a new stake in Open Text in the 4th quarter worth $48,000. Finally, EverSource Wealth Advisors LLC grew its position in Open Text by 18.0% in the 4th 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 and hedge funds.

About Open Text

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.