Open Text (NASDAQ:OTEX) Coverage Initiated at UBS Group

Stock analysts at UBS Group assumed coverage on shares of Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set a "neutral" rating and a $32.00 price target on the software maker's stock. UBS Group's price objective suggests a potential upside of 11.77% from the stock's current price.

A number of other research analysts have also issued reports on OTEX. Royal Bank of Canada lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and cut their price target for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Scotiabank cut their price target on shares of Open Text from $40.00 to $35.00 and set a "sector perform" rating on the stock in a research note on Friday, November 1st. BMO Capital Markets cut their price target on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a research note on Friday, November 1st. TD Securities cut their price target on shares of Open Text from $40.00 to $38.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Finally, Citigroup cut their price target on shares of Open Text from $34.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, November 1st. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Open Text has a consensus rating of "Hold" and an average target price of $35.55.

Open Text Stock Down 3.2 %

NASDAQ:OTEX traded down $0.94 during midday trading on Tuesday, reaching $28.63. 1,056,634 shares of the stock traded hands, compared to its average volume of 647,486. Open Text has a 12-month low of $27.50 and a 12-month high of $45.47. The business has a 50-day moving average of $31.10 and a two-hundred day moving average of $31.03. 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 stock has a market capitalization of $7.61 billion, a PE ratio of 16.64 and a beta of 1.11.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts' consensus estimates 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 in the prior year, the company posted $0.90 earnings per share. Open Text's revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities analysts forecast that Open Text will post 3.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Text

A number of institutional investors have recently made changes to their positions in OTEX. Assenagon Asset Management S.A. raised its position in Open Text by 11.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 18,550 shares of the software maker's stock valued at $557,000 after purchasing an additional 1,926 shares during the last quarter. Easterly Investment Partners LLC lifted its holdings in Open Text by 44.5% in the 2nd quarter. Easterly Investment Partners LLC now owns 482,959 shares of the software maker's stock valued at $14,508,000 after purchasing an additional 148,738 shares in the last quarter. IMA Advisory Services Inc. purchased a new position in Open Text in the 2nd quarter valued at about $770,000. Callan Family Office LLC purchased a new position in shares of Open Text during the 2nd quarter worth about $257,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Open Text during the 2nd quarter worth about $269,000. 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.