Open Text (NASDAQ:OTEX) Price Target Cut to $34.00 by Analysts at Barclays

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price trimmed by Barclays from $36.00 to $34.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

Several other brokerages have also recently commented on OTEX. National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research report on Friday, August 2nd. Citigroup upped their target price on shares of Open Text from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $33.00 in a research report on Friday. Jefferies Financial Group decreased their price objective on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, CIBC cut their target price on Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.90.

Open Text Stock Performance

NASDAQ:OTEX opened at $28.98 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50-day moving average is $32.73 and its 200-day moving average is $31.54. Open Text has a 52-week low of $27.50 and a 52-week high of $45.47. The company has a market cap of $7.70 billion, a price-to-earnings ratio of 16.75 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.05. Open Text had a return on equity of 24.37% and a net margin of 8.35%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company posted $0.79 earnings per share. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. Equities research analysts anticipate that Open Text will post 3.23 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a $0.262 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.05 annualized dividend and a yield of 3.62%. Open Text’s payout ratio is presently 60.69%.

Institutional Trading of Open Text

Several large investors have recently made changes to their positions in OTEX. Bridges Investment Management Inc. lifted its position in Open Text by 13.9% during the 3rd quarter. Bridges Investment Management Inc. now owns 47,330 shares of the software maker’s stock worth $1,575,000 after buying an additional 5,760 shares in the last quarter. Easterly Investment Partners LLC raised its stake in shares of Open Text by 5.6% in the third quarter. Easterly Investment Partners LLC now owns 509,800 shares of the software maker’s stock worth $16,966,000 after acquiring an additional 26,841 shares during the last quarter. Moloney Securities Asset Management LLC lifted its position in shares of Open Text by 5.1% during the third quarter. Moloney Securities Asset Management LLC now owns 80,428 shares of the software maker’s stock worth $2,677,000 after purchasing an additional 3,910 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Open Text by 5.8% during the third quarter. Van ECK Associates Corp now owns 21,476 shares of the software maker’s stock valued at $705,000 after purchasing an additional 1,178 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Open Text by 74.6% during the third quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker’s stock valued at $290,000 after purchasing an additional 3,719 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

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.