Open Text (NASDAQ:OTEX) Price Target Cut to $33.00 by Analysts at National Bank Financial

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lowered by equities research analysts at National Bank Financial from $45.00 to $33.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the software maker’s stock. National Bank Financial’s price objective would suggest a potential upside of 44.57% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Citigroup lowered their target price on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Wall Street Zen upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Royal Bank Of Canada lowered their target price on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. Barclays boosted their target price on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Finally, TD Securities upgraded shares of Open Text to a “hold” rating in a report on Monday, February 2nd. Four equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $33.67.

Open Text Trading Down 2.5%

Shares of NASDAQ OTEX traded down $0.58 during midday trading on Wednesday, reaching $22.83. 1,115,051 shares of the stock were exchanged, compared to its average volume of 2,154,310. The company has a market capitalization of $5.54 billion, a P/E ratio of 11.15 and a beta of 1.04. Open Text has a 52-week low of $20.00 and a 52-week high of $39.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56. The stock has a 50 day moving average price of $22.74 and a 200-day moving average price of $27.35.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the firm posted $0.82 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities research analysts expect that Open Text will post 3.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OTEX. Goldman Sachs Group Inc. lifted its position in Open Text by 75.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock valued at $36,307,000 after buying an additional 619,527 shares in the last quarter. United Services Automobile Association acquired a new position in Open Text during the first quarter valued at approximately $213,000. EverSource Wealth Advisors LLC lifted its position in Open Text by 39.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after buying an additional 570 shares in the last quarter. Cerity Partners LLC lifted its position in Open Text by 3.4% during the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock valued at $1,431,000 after buying an additional 1,612 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in Open Text by 16.8% during the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock valued at $1,360,000 after buying an additional 6,700 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.