Open Text (NASDAQ:OTEX) Downgraded to "Buy" Rating by StockNews.com

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC was downgraded by research analysts at StockNews.com from a "strong-buy" rating to a "buy" rating in a research report issued on Wednesday.

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada lowered Open Text from an "outperform" rating to a "sector perform" rating and reduced their price target for the company from $45.00 to $33.00 in a research report on Friday, November 1st. UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 target price on the stock. Citigroup lowered their price target on shares of Open Text from $34.00 to $33.00 and set a "neutral" rating for the company in a report on Friday, November 1st. BMO Capital Markets reduced their price objective 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. Finally, TD Securities lowered their target price on shares of Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Tuesday. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Open Text presently has a consensus rating of "Hold" and a consensus target price of $35.55.

Open Text Stock Up 0.2 %

Shares of OTEX traded up $0.05 during mid-day trading on Wednesday, hitting $28.01. 232,259 shares of the company's stock were exchanged, compared to its average volume of 651,370. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $7.45 billion, a price-to-earnings ratio of 16.19 and a beta of 1.11. The stock's 50-day moving average is $30.41 and its 200-day moving average is $31.01. Open Text has a fifty-two week low of $27.05 and a fifty-two week high of $45.47.

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

Institutional Trading of Open Text

Large investors have recently bought and sold shares of the business. AustralianSuper Pty Ltd purchased a new stake in shares of Open Text in the third quarter valued at about $8,011,000. The Manufacturers Life Insurance Company increased its position in Open Text by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker's stock valued at $187,952,000 after acquiring an additional 63,620 shares during the period. Natixis Advisors LLC purchased a new stake in Open Text during the 3rd quarter valued at approximately $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Open Text by 126.1% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker's stock worth $2,871,000 after acquiring an additional 48,111 shares during the period. Finally, Stifel Financial Corp purchased a new position in shares of Open Text in the 3rd quarter valued at approximately $2,232,000. 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.