Citigroup Lowers Open Text (NASDAQ:OTEX) Price Target to $30.00

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC had its price objective reduced by research analysts at Citigroup from $33.00 to $30.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the software maker's stock. Citigroup's price objective would suggest a potential upside of 7.99% from the stock's current price.

Several other research firms have also recently weighed in on OTEX. Scotiabank lowered their price target on Open Text from $40.00 to $35.00 and set a "sector perform" rating on the stock in a report on Friday, November 1st. BMO Capital Markets dropped their target price on Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a research report on Friday, November 1st. StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a research note on Saturday, January 11th. Barclays lowered their price objective on shares of Open Text from $36.00 to $34.00 and set an "equal weight" rating on the stock in a research note on Friday, November 1st. Finally, Royal Bank of Canada lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and cut their target price for the company from $45.00 to $33.00 in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Open Text currently has an average rating of "Hold" and a consensus target price of $35.27.

Open Text Stock Performance

Shares of Open Text stock traded down $0.35 during trading on Thursday, hitting $27.78. 367,359 shares of the company's stock traded hands, compared to its average volume of 549,614. Open Text has a 1 year low of $26.84 and a 1 year high of $45.47. The business has a 50-day simple moving average of $29.03 and a 200-day simple moving average of $30.84. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $7.35 billion, a P/E ratio of 16.06 and a beta of 1.12.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business's revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. As a group, analysts forecast that Open Text will post 3.37 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. AustralianSuper Pty Ltd purchased a new position in shares of Open Text in the third quarter valued at about $8,011,000. The Manufacturers Life Insurance Company raised its stake in Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker's stock valued at $187,952,000 after purchasing an additional 63,620 shares during the period. Natixis Advisors LLC purchased a new position in Open Text in the 3rd quarter worth approximately $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Open Text by 126.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker's stock worth $2,871,000 after purchasing an additional 48,111 shares during the period. Finally, Stifel Financial Corp purchased a new stake in Open Text during the 3rd quarter valued at approximately $2,232,000. Institutional investors own 70.37% of the company's stock.

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.