Open Text (NASDAQ:OTEX) Price Target Cut to $38.00 by Analysts at TD Securities

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC had its target price dropped by TD Securities from $40.00 to $38.00 in a research report issued to clients and investors on Monday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the software maker's stock. TD Securities' price target would suggest a potential upside of 33.71% from the company's current price.

A number of other equities analysts have also issued reports on OTEX. 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 research report on Friday, November 1st. Barclays lowered their price objective on shares of Open Text from $36.00 to $34.00 and set an "equal weight" rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada cut shares of Open Text from an "outperform" rating to a "sector perform" rating and reduced their target price for the company from $45.00 to $33.00 in a report on Friday, November 1st. Scotiabank lowered their price target on Open Text from $40.00 to $35.00 and set a "sector perform" rating on the stock in a report on Friday, November 1st. Finally, UBS Group started coverage on Open Text in a research note on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, Open Text has an average rating of "Hold" and an average price target of $35.55.

Open Text Stock Up 0.4 %

OTEX traded up $0.11 on Monday, reaching $28.42. The company's stock had a trading volume of 731,906 shares, compared to its average volume of 651,422. The company has a market capitalization of $7.52 billion, a price-to-earnings ratio of 16.43 and a beta of 1.11. Open Text has a fifty-two week low of $27.05 and a fifty-two week high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a 50 day moving average of $29.96 and a two-hundred day moving average of $31.00.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (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 business 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 business posted $0.90 EPS. The company's revenue for the quarter was down 11.0% on a year-over-year basis. As a group, analysts forecast that Open Text will post 3.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Open Text

A number of institutional investors and hedge funds have recently modified their holdings of OTEX. JARISLOWSKY FRASER Ltd boosted its position in Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker's stock worth $471,415,000 after purchasing an additional 767,822 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Open Text by 1.1% during 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 in the last quarter. Cooke & Bieler LP raised its position in Open Text by 18.6% during the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock worth $166,325,000 after acquiring an additional 867,978 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Open Text by 1.1% in the third quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker's stock valued at $135,399,000 after purchasing an additional 46,223 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. grew its position in shares of Open Text by 16.8% in the second quarter. Letko Brosseau & Associates Inc. now owns 3,929,040 shares of the software maker's stock valued at $117,956,000 after purchasing an additional 566,150 shares during the last quarter. 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.