Open Text (NASDAQ:OTEX) Upgraded at StockNews.com

StockNews.com upgraded shares of Open Text (NASDAQ:OTEX - Free Report) TSE: OTC from a buy rating to a strong-buy rating in a research report released on Sunday.

Other research analysts have also issued reports about the stock. Scotiabank cut their target price 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. Barclays decreased their target price on Open Text from $36.00 to $34.00 and set an "equal weight" rating for the company in a research report on Friday, November 1st. TD Securities reduced their price objective on Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Monday, December 30th. Citigroup lowered their target price on Open Text from $33.00 to $30.00 and set a "neutral" rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and decreased their price target for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $35.27.

Open Text Trading Down 1.2 %

OTEX traded down $0.35 during trading on Friday, reaching $27.78. 367,359 shares of the stock traded hands, compared to its average volume of 602,610. The stock's 50-day moving average is $29.03 and its 200 day moving average is $30.84. Open Text has a 12 month low of $26.84 and a 12 month 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 market capitalization of $7.33 billion, a PE ratio of 16.06 and a beta of 1.12.

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

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 29th were given a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.77%. This is an increase from Open Text's previous quarterly dividend of $0.19. The ex-dividend date was Friday, November 29th. Open Text's dividend payout ratio is presently 60.69%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of OTEX. Blue Trust Inc. raised its holdings in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock worth $32,000 after purchasing an additional 793 shares during the period. Kimelman & Baird LLC bought a new stake in shares of Open Text in the second quarter valued at $36,000. Cromwell Holdings LLC lifted its position in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock valued at $55,000 after buying an additional 380 shares during the last quarter. Essex LLC bought a new position in shares of Open Text during the 3rd quarter worth $210,000. Finally, Net Worth Advisory Group purchased a new stake in Open Text in the 3rd quarter worth about $226,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

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.