Open Text (NASDAQ:OTEX) Rating Lowered to Buy at StockNews.com

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

Other equities research analysts have also recently issued reports about the company. Barclays cut their target price on Open Text from $36.00 to $34.00 and set an "equal weight" rating on the stock in a research note on Friday, November 1st. UBS Group initiated coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 target price for the company. Royal Bank of Canada cut 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 report on Friday, November 1st. Citigroup decreased their price objective 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. Finally, BMO Capital Markets cut their target price on 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. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $35.55.

Open Text Trading Down 1.3 %

Shares of OTEX stock traded down $0.37 during trading hours on Friday, reaching $27.50. The company's stock had a trading volume of 660,638 shares, compared to its average volume of 576,723. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm's fifty day simple moving average is $29.17 and its 200 day simple moving average is $30.92. The stock has a market capitalization of $7.27 billion, a P/E ratio of 15.90 and a beta of 1.12. Open Text has a one year low of $26.96 and a one year high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $1.28 billion. During the same quarter in the prior year, the company earned $0.90 earnings per share. The firm's quarterly revenue was down 11.0% compared to the same quarter last year. Equities research analysts expect that Open Text will post 3.37 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. American Century Companies Inc. lifted its holdings in Open Text by 13.6% during the second quarter. American Century Companies Inc. now owns 92,871 shares of the software maker's stock valued at $2,789,000 after purchasing an additional 11,127 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Open Text by 6.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 787,619 shares of the software maker's stock worth $23,660,000 after buying an additional 45,380 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in Open Text by 5.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker's stock worth $524,000 after buying an additional 874 shares in the last quarter. JARISLOWSKY FRASER Ltd raised its holdings 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 valued at $471,415,000 after acquiring an additional 767,822 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of Open Text during the second quarter worth about $778,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.