Open Text Co. (NASDAQ:OTEX) Receives Consensus Recommendation of "Hold" from Brokerages

Shares of Open Text Co. (NASDAQ:OTEX - Get Free Report) TSE: OTC have been assigned an average recommendation of "Hold" from the eleven brokerages that are covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $38.89.

A number of equities research analysts have issued reports on OTEX shares. BMO Capital Markets reduced their price objective on shares of Open Text from $38.00 to $33.00 and set a "market perform" rating for the company in a research report on Friday, August 2nd. National Bank Financial downgraded shares of Open Text from an "outperform" rating to a "sector perform" rating in a research report on Friday, August 2nd. Citigroup upped their price objective on shares of Open Text from $32.00 to $34.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 25th. Barclays reduced their price objective on shares of Open Text from $38.00 to $36.00 and set an "equal weight" rating for the company in a research report on Monday, August 5th. Finally, Jefferies Financial Group reduced their price objective on shares of Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 2nd.

Open Text Stock Up 0.3 %

Shares of NASDAQ:OTEX traded up $0.09 during midday trading on Friday, hitting $34.03. 333,857 shares of the company's stock were exchanged, compared to its average volume of 412,019. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a 50 day moving average price of $32.44 and a 200-day moving average price of $31.89. The company has a market cap of $9.04 billion, a PE ratio of 19.90 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 earnings results on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, topping the consensus estimate of $0.93 by $0.05. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The firm's revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.79 earnings per share. On average, sell-side analysts anticipate that Open Text will post 3.23 EPS for the current fiscal year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a $0.192 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Friday, August 30th. Open Text's payout ratio is 61.40%.

Institutional Trading of Open Text

Institutional investors have recently modified their holdings of the business. Headlands Technologies LLC purchased a new stake in shares of Open Text during the 1st quarter valued at approximately $32,000. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock valued at $32,000 after buying an additional 793 shares in the last quarter. Ridgewood Investments LLC purchased a new stake in shares of Open Text during the 2nd quarter valued at approximately $30,000. Kimelman & Baird LLC purchased a new stake in shares of Open Text during the 2nd quarter valued at approximately $36,000. Finally, UniSuper Management Pty Ltd lifted its stake in shares of Open Text by 105.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker's stock valued at $151,000 after buying an additional 2,000 shares in the last quarter. 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.