Open Text Corporation (NASDAQ:OTEX) Given Consensus Rating of “Hold” by Analysts

Shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) have earned a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Ten equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $33.6667.

A number of equities analysts recently issued reports on the stock. Scotiabank dropped their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 8th. UBS Group set a $25.00 price objective on shares of Open Text in a research note on Friday, May 8th. National Bank Financial decreased their target price on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, May 27th. Barclays upped their target price on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Finally, Citigroup cut their price target on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, May 8th.

Open Text Stock Down 2.9%

Shares of NASDAQ:OTEX opened at $25.65 on Thursday. 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 fifty day simple moving average of $22.98 and a two-hundred day simple moving average of $23.64. Open Text has a 12-month low of $19.77 and a 12-month high of $39.90. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 12.51 and a beta of 1.03.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its 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 return on equity of 24.77% and a net margin of 9.91%.The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, research analysts anticipate that Open Text will post 4.05 earnings per share for the current fiscal year.

Institutional Trading of Open Text

Several institutional investors have recently added to or reduced their stakes in OTEX. CIBC Private Wealth Group LLC bought a new position in shares of Open Text during the third quarter valued at $33,000. WealthCollab LLC increased its holdings in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after buying an additional 464 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after buying an additional 1,580 shares in the last quarter. Osaic Holdings Inc. raised its position in Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after buying an additional 937 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after buying an additional 570 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.