Royal Bank of Canada Cuts Open Text (NASDAQ:OTEX) Price Target to $31.00

Open Text (NASDAQ:OTEX - Free Report) TSE: OTC had its target price decreased by Royal Bank of Canada from $33.00 to $31.00 in a research report sent to investors on Friday, MarketBeat.com reports. Royal Bank of Canada currently has a sector perform rating on the software maker's stock.

A number of other brokerages have also weighed in on OTEX. TD Securities decreased their price target on shares of Open Text from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Monday, February 3rd. StockNews.com lowered shares of Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Scotiabank decreased 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 report on Friday, November 1st. BMO Capital Markets cut 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 note on Friday, November 1st. Finally, Barclays cut their target price on shares of 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. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $35.18.

Open Text Trading Down 0.2 %

NASDAQ OTEX traded down $0.07 during mid-day trading on Friday, reaching $28.82. 525,643 shares of the stock were exchanged, compared to its average volume of 645,544. Open Text has a 1-year low of $26.84 and a 1-year high of $41.96. The business's fifty day simple moving average is $28.85 and its 200 day simple moving average is $30.61. The stock has a market capitalization of $7.60 billion, a PE ratio of 11.71 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79.

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 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. On average, research analysts anticipate that Open Text will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $0.2625 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 3.64%. Open Text's payout ratio is 42.68%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its position in shares of Open Text by 1.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker's stock worth $629,000 after buying an additional 322 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Open Text by 3.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock worth $369,000 after buying an additional 351 shares in the last quarter. Cromwell Holdings LLC raised 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 worth $55,000 after buying an additional 380 shares in the last quarter. Blue Trust Inc. raised its position in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares in the last quarter. Finally, Allworth Financial LP raised its position in shares of Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after buying an additional 439 shares in the last quarter. 70.37% of the stock is 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.