Citigroup Forecasts Strong Price Appreciation for Open Text (NASDAQ:OTEX) Stock

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC had its price objective hoisted by equities research analysts at Citigroup from $30.00 to $32.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm presently has a "neutral" rating on the software maker's stock. Citigroup's price target would indicate a potential upside of 11.04% from the stock's previous close.

OTEX has been the topic of several other research 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 lowered their target price on shares of Open Text from $36.00 to $34.00 and set an "equal weight" rating on the stock in a report on Friday, November 1st. BMO Capital Markets lowered their target price on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a report on Friday, November 1st. StockNews.com lowered shares of Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Finally, UBS Group assumed coverage on shares of Open Text in a report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $35.18.

Open Text Stock Performance

Shares of NASDAQ OTEX traded down $0.07 during trading hours on Friday, hitting $28.82. 525,643 shares of the stock were exchanged, compared to its average volume of 645,544. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The company's 50 day moving average is $28.85 and its 200 day moving average is $30.61. The firm has a market capitalization of $7.60 billion, a P/E ratio of 11.71 and a beta of 1.12. Open Text has a one year low of $26.84 and a one year high of $41.96.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. On average, research analysts expect that Open Text will post 3.37 EPS for the current year.

Institutional Trading of Open Text

Several hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. raised its holdings in Open Text by 1.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker's stock worth $629,000 after buying an additional 322 shares during the period. BNP Paribas Financial Markets raised its holdings in Open Text by 3.3% during the 3rd 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. Cromwell Holdings LLC raised its holdings in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock worth $55,000 after buying an additional 380 shares during the period. Blue Trust Inc. raised its holdings in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares during the period. Finally, Allworth Financial LP raised its holdings in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after buying an additional 439 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.