Open Text Corp (OTEX) Receives Consensus Rating of “Hold” from Analysts

Open Text Corp (NASDAQ:OTEX) (TSE:OTC) has earned a consensus rating of “Hold” from the fourteen brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $43.44.

A number of equities research analysts have recently issued reports on OTEX shares. CIBC lifted their price target on shares of Open Text from $41.00 to $42.00 in a research report on Friday, November 3rd. BMO Capital Markets reduced their price target on shares of Open Text from $40.00 to $38.00 in a research report on Friday, November 3rd. Barclays lifted their price target on shares of Open Text from $54.00 to $55.00 in a research report on Friday, November 3rd. Macquarie reduced their price target on shares of Open Text from $43.00 to $40.00 in a research report on Thursday, November 23rd. Finally, Zacks Investment Research upgraded shares of Open Text from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Wednesday, October 18th.

Several institutional investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. raised its position in shares of Open Text by 0.6% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 8,911 shares of the software maker’s stock worth $281,000 after purchasing an additional 50 shares during the last quarter. Comerica Bank raised its position in shares of Open Text by 1.5% during the 2nd quarter. Comerica Bank now owns 14,566 shares of the software maker’s stock worth $483,000 after purchasing an additional 211 shares during the last quarter. Bank of Nova Scotia Trust Co. raised its position in shares of Open Text by 7.5% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock worth $205,000 after purchasing an additional 452 shares during the last quarter. Advisor Group Inc. raised its position in shares of Open Text by 6.6% during the 2nd quarter. Advisor Group Inc. now owns 8,579 shares of the software maker’s stock worth $271,000 after purchasing an additional 529 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Open Text by 15.6% during the 2nd quarter. Wells Fargo & Company MN now owns 5,539 shares of the software maker’s stock worth $175,000 after purchasing an additional 749 shares during the last quarter. Hedge funds and other institutional investors own 66.74% of the company’s stock.

Open Text (NASDAQ:OTEX) traded down $0.04 during mid-day trading on Monday, hitting $34.31. 553,500 shares of the stock were exchanged, compared to its average volume of 800,700. Open Text has a 52 week low of $30.88 and a 52 week high of $35.80. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $9,108.68, a P/E ratio of 60.19 and a beta of 0.44.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Investors of record on Friday, December 1st were given a dividend of $0.132 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.53 annualized dividend and a dividend yield of 1.54%. Open Text’s dividend payout ratio is currently 92.98%.

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About Open Text

Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

Analyst Recommendations for Open Text (NASDAQ:OTEX)

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