Analysts Set Open Text Corporation (NASDAQ:OTEX) Target Price at $35.75

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has received a consensus rating of “Hold” from the fourteen research firms that are covering the company, Marketbeat.com reports. Eleven equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $35.75.

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group raised their price objective on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday, November 6th. Raymond James Financial decreased their price target on Open Text from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. Citigroup cut their price objective on Open Text from $36.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Canadian Imperial Bank of Commerce reduced their price objective on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, January 16th. Finally, Royal Bank Of Canada dropped their target price on shares of Open Text from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Friday, February 6th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cidel Asset Management Inc. lifted its position in shares of Open Text by 4.5% in the third quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker’s stock worth $36,389,000 after purchasing an additional 41,867 shares in the last quarter. Arkadios Wealth Advisors increased its stake in Open Text by 596.6% in the 3rd quarter. Arkadios Wealth Advisors now owns 83,192 shares of the software maker’s stock valued at $3,110,000 after buying an additional 71,249 shares during the period. TD Asset Management Inc lifted its position in Open Text by 11.3% in the 3rd quarter. TD Asset Management Inc now owns 2,147,997 shares of the software maker’s stock worth $80,307,000 after buying an additional 217,545 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Open Text by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock valued at $436,926,000 after buying an additional 229,758 shares during the period. Finally, Intact Investment Management Inc. grew its holdings in shares of Open Text by 94.9% during the 3rd quarter. Intact Investment Management Inc. now owns 1,175,680 shares of the software maker’s stock valued at $43,950,000 after acquiring an additional 572,540 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX opened at $25.06 on Monday. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s 50 day moving average is $27.93 and its 200-day moving average is $32.79. Open Text has a 12-month low of $22.44 and a 12-month high of $39.90. The stock has a market capitalization of $6.28 billion, a P/E ratio of 14.74 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the firm posted $1.11 earnings per share. Equities research analysts anticipate that Open Text will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, March 6th. Open Text’s payout ratio is presently 64.71%.

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.