Open Text (NASDAQ:OTEX) Price Target Lowered to $38.00 at TD Securities

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC had its target price lowered by stock analysts at TD Securities from $40.00 to $38.00 in a research report issued to clients and investors on Friday, BayStreet.CA reports. The brokerage currently has a "buy" rating on the software maker's stock. TD Securities' target price would suggest a potential upside of 31.12% from the stock's current price.

OTEX has been the subject of several other reports. Royal Bank of Canada downgraded Open Text from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from $45.00 to $33.00 in a research note on Friday. Barclays decreased their target price on Open Text from $36.00 to $34.00 and set an "equal weight" rating for the company in a research note on Friday. National Bank Financial downgraded Open Text from an "outperform" rating to a "sector perform" rating 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 target price for the company. in a research note on Friday, August 2nd. Finally, BMO Capital Markets cut their price target on Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a report on Friday. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $35.90.

Open Text Trading Down 3.4 %

Shares of OTEX traded down $1.02 during trading hours on Friday, hitting $28.98. The stock had a trading volume of 1,397,507 shares, compared to its average volume of 635,531. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $7.70 billion, a P/E ratio of 16.94 and a beta of 1.12. The company's fifty day simple moving average is $32.80 and its 200 day simple moving average is $31.62. 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 released 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. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the company posted $0.79 earnings per share. The firm's revenue was down 8.6% compared to the same quarter last year. Equities research analysts forecast that Open Text will post 3.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. JARISLOWSKY FRASER Ltd grew its position in Open Text by 5.1% in the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker's stock worth $471,415,000 after buying an additional 767,822 shares during the last quarter. Vanguard Group Inc. grew its position in Open Text by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker's stock worth $401,693,000 after purchasing an additional 135,812 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Open Text by 25.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker's stock worth $167,277,000 after purchasing an additional 1,118,479 shares in the last quarter. Cooke & Bieler LP grew its position in Open Text by 18.6% during the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock worth $166,325,000 after purchasing an additional 867,978 shares in the last quarter. Finally, National Bank of Canada FI grew its position in Open Text by 17.5% during the 2nd quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker's stock worth $120,390,000 after purchasing an additional 599,790 shares in the last quarter. Institutional investors and hedge funds 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.