Open Text Co. (NASDAQ:OTEX) Receives Average Rating of "Hold" from Analysts

Open Text Co. (NASDAQ:OTEX - Get Free Report) TSE: OTC has been given an average rating of "Hold" by the twelve analysts that are currently covering the firm, MarketBeat.com reports. Nine research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $35.18.

Several brokerages have recently commented on OTEX. UBS Group initiated coverage on Open Text in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price objective on the stock. StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Royal Bank of Canada reduced their price objective on shares of Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research report on Friday, February 7th. Citigroup upped their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, TD Securities decreased their price target on shares of Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Sunday, February 9th.

Open Text Stock Performance

Shares of NASDAQ OTEX traded down $0.03 during midday trading on Friday, hitting $25.58. 44,991 shares of the company's stock traded hands, compared to its average volume of 1,117,477. The firm has a fifty day moving average of $26.17 and a 200 day moving average of $28.76. Open Text has a 1 year low of $22.79 and a 1 year high of $36.39. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $6.72 billion, a price-to-earnings ratio of 10.41 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, analysts forecast that Open Text will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a yield of 4.10%. Open Text's dividend payout ratio is 42.68%.

Hedge Funds Weigh In On Open Text

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its stake in Open Text by 3.3% during the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock worth $369,000 after buying an additional 351 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Open Text during the 3rd quarter worth approximately $324,000. Stifel Financial Corp purchased a new stake in Open Text in the third quarter worth $2,232,000. Wellington Management Group LLP boosted its stake in shares of Open Text by 45.7% during the third quarter. Wellington Management Group LLP now owns 200,305 shares of the software maker's stock valued at $6,675,000 after purchasing an additional 62,871 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in Open Text in the 3rd quarter worth about $1,521,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

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.