TD Securities Cuts Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by TD Securities from $40.00 to $38.00 in a research report report published on Monday morning,BayStreet.CA reports. They currently have a buy rating on the software maker’s stock.

A number of other analysts have also commented on the stock. Citigroup reduced their price objective on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. UBS Group assumed coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Barclays lowered their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Scotiabank reduced their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. Finally, BMO Capital Markets lowered their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.55.

Open Text Trading Down 0.4 %

Shares of NASDAQ:OTEX opened at $28.32 on Monday. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 16.37 and a beta of 1.11. Open Text has a 1-year low of $27.05 and a 1-year high of $45.47. The company has a 50 day moving average price of $29.76 and a 200 day moving average price of $30.98. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the previous year, the firm posted $0.90 EPS. The company’s quarterly revenue was down 11.0% on a year-over-year basis. On average, research analysts anticipate that Open Text will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were paid a $0.262 dividend. This is a boost from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.05 annualized dividend and a dividend yield of 3.70%. Open Text’s payout ratio is presently 60.69%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Blue Trust Inc. boosted its holdings in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares in the last quarter. Kimelman & Baird LLC bought a new stake in shares of Open Text during the 2nd quarter worth about $36,000. Cromwell Holdings LLC increased its holdings in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after acquiring an additional 380 shares during the last quarter. Essex LLC bought a new position in shares of Open Text in the 3rd quarter valued at approximately $210,000. Finally, Net Worth Advisory Group acquired a new stake in Open Text in the 3rd quarter worth approximately $226,000. Institutional investors and hedge funds 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.