Analysts Set Open Text Co. (NASDAQ:OTEX) Price Target at $38.60

Open Text Co. (NASDAQ:OTEX - Get Free Report) TSE: OTC has been assigned a consensus rating of "Hold" from the twelve brokerages that are currently covering the company, Marketbeat reports. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $38.60.

Several research firms have commented on OTEX. Jefferies Financial Group reduced their price objective on Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. National Bankshares downgraded Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price target on the stock. in a research note on Friday, August 2nd. StockNews.com upgraded Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, May 11th. Citigroup decreased their price target on Open Text from $37.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 26th. Finally, TD Securities decreased their price target on Open Text from $54.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, May 3rd.

Open Text Stock Performance

OTEX traded down $0.12 on Thursday, hitting $31.89. 1,094,059 shares of the company traded hands, compared to its average volume of 671,573. The company has a 50 day moving average of $30.90 and a 200-day moving average of $33.41. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $8.61 billion, a PE ratio of 51.44 and a beta of 1.12. Open Text has a 12-month low of $27.50 and a 12-month high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm's revenue was down 8.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.79 EPS. Sell-side analysts anticipate that Open Text will post 3.18 earnings per share for the current year.

Open Text Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.192 per share. This represents a $0.77 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Friday, August 30th. Open Text's payout ratio is currently 169.35%.

Hedge Funds Weigh In On Open Text

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OTEX. Optiver Holding B.V. bought a new position in Open Text during the 4th quarter valued at $27,000. Ridgewood Investments LLC bought a new stake in shares of Open Text during the 2nd quarter worth $30,000. Headlands Technologies LLC bought a new stake in shares of Open Text during the 1st quarter worth $32,000. Kimelman & Baird LLC bought a new stake in shares of Open Text during the 2nd quarter worth $36,000. Finally, Assetmark Inc. bought a new stake in shares of Open Text during the 4th quarter worth $48,000. 70.37% of the stock is owned by institutional investors.

Open Text Company Profile

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.