Barclays Has Lowered Expectations for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX - Free Report) TSE: OTC had its price target decreased by Barclays from $36.00 to $29.00 in a report released on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the software maker's stock.

A number of other analysts have also recently issued reports on OTEX. TD Securities cut their price objective on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. Royal Bank of Canada dropped their price objective on Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a report on Friday, February 7th. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Finally, Citigroup lifted their price target on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Open Text has a consensus rating of "Hold" and a consensus price target of $34.45.

Open Text Price Performance

Shares of Open Text stock traded up $0.62 during midday trading on Monday, reaching $26.51. The company had a trading volume of 90,879 shares, compared to its average volume of 815,809. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of 10.78 and a beta of 1.13. The stock has a fifty day simple moving average of $25.81 and a 200 day simple moving average of $28.48. Open Text has a 1-year low of $22.79 and a 1-year high of $36.37.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. As a group, equities research analysts forecast that Open Text will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.96%. The ex-dividend date was Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio is currently 42.68%.

Hedge Funds Weigh In On Open Text

A number of institutional investors and hedge funds have recently modified their holdings of OTEX. Norges Bank purchased a new position in Open Text during the fourth quarter valued at $93,216,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after purchasing an additional 2,586,549 shares during the last quarter. Value Partners Investments Inc. increased its stake in Open Text by 1,162.1% during the first quarter. Value Partners Investments Inc. now owns 2,333,539 shares of the software maker's stock worth $58,955,000 after acquiring an additional 2,148,639 shares during the last quarter. JARISLOWSKY FRASER Ltd increased its stake in Open Text by 11.8% during the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock worth $522,879,000 after acquiring an additional 1,957,695 shares during the last quarter. Finally, Criteria Caixa S.A.U. bought a new stake in Open Text during the fourth quarter worth approximately $32,890,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About Open Text

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.