Brokerages Set Open Text Co. (NASDAQ:OTEX) Price Target at $35.55

Shares of Open Text Co. (NASDAQ:OTEX - Get Free Report) TSE: OTC have received a consensus rating of "Hold" from the twelve brokerages that are covering the stock, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $35.55.

OTEX has been the subject of a number of analyst reports. Royal Bank of Canada lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and lowered their target price for the stock from $45.00 to $33.00 in a report on Friday, November 1st. Barclays decreased their price objective on Open Text from $36.00 to $34.00 and set an "equal weight" rating for the company in a research note on Friday, November 1st. TD Securities cut their target price on Open Text from $40.00 to $38.00 and set a "buy" rating on the stock in a research note on Monday. Citigroup decreased their target price on Open Text from $34.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, November 1st. Finally, UBS Group started coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price objective on the stock.

Open Text Trading Down 0.4 %

Shares of OTEX stock traded down $0.10 on Wednesday, reaching $28.32. 705,907 shares of the stock were exchanged, compared to its average volume of 651,638. The stock has a 50 day moving average price of $29.76 and a 200 day moving average price of $30.98. The stock has a market cap of $7.49 billion, a PE ratio of 16.37 and a beta of 1.11. Open Text has a one year low of $27.05 and a one year high of $45.47. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

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

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were paid a $0.262 dividend. The ex-dividend date of this dividend was Friday, November 29th. This is a positive change from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.70%. Open Text's dividend payout ratio is presently 60.69%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OTEX. JARISLOWSKY FRASER Ltd boosted its position in Open Text by 5.1% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker's stock worth $471,415,000 after acquiring an additional 767,822 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Open Text by 1.1% during the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker's stock worth $187,952,000 after purchasing an additional 63,620 shares during the last quarter. Cooke & Bieler LP grew its position in Open Text by 18.6% in the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock valued at $166,325,000 after purchasing an additional 867,978 shares in the last quarter. National Bank of Canada FI increased its stake in Open Text by 1.1% in the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker's stock valued at $135,399,000 after buying an additional 46,223 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. boosted its stake in shares of Open Text by 16.8% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 3,929,040 shares of the software maker's stock worth $117,956,000 after buying an additional 566,150 shares during the last quarter. 70.37% of the stock is currently owned by 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.