Open Text (NASDAQ:OTEX) Price Target Cut to $30.00 by Analysts at Royal Bank of Canada

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC had its target price reduced by Royal Bank of Canada from $31.00 to $30.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the software maker's stock. Royal Bank of Canada's price target suggests a potential upside of 17.78% from the stock's current price.

Other analysts have also recently issued reports about the company. TD Securities cut their price objective on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. Barclays lowered their price target on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Monday. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Finally, Citigroup upped their target price on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Open Text has an average rating of "Hold" and a consensus price target of $34.45.

Open Text Price Performance

NASDAQ OTEX traded up $0.58 during trading hours on Tuesday, reaching $25.47. 340,913 shares of the company's stock were exchanged, compared to its average volume of 816,793. The firm has a fifty day moving average of $25.93 and a 200-day moving average of $28.52. The stock has a market cap of $6.61 billion, a PE ratio of 10.35 and a beta of 1.13. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text has a one year low of $22.79 and a one year high of $36.39.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS 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, equities research analysts predict that Open Text will post 3.45 earnings per share for the current fiscal year.

Institutional Trading of Open Text

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in Open Text by 4.6% in the third quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker's stock worth $46,460,000 after acquiring an additional 61,696 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Open Text during the third quarter worth about $499,000. Franklin Resources Inc. raised its holdings in Open Text by 19.9% during the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker's stock valued at $7,086,000 after acquiring an additional 34,135 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Open Text by 5.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 19,921 shares of the software maker's stock worth $563,000 after buying an additional 1,049 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new stake in Open Text during the 4th quarter worth approximately $2,372,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.