TD Securities Cuts Open Text (NASDAQ:OTEX) Price Target to $35.00

Open Text (NASDAQ:OTEX - Free Report) TSE: OTC had its price objective decreased by TD Securities from $38.00 to $35.00 in a research note released on Sunday morning,BayStreet.CA reports. TD Securities currently has a buy rating on the software maker's stock.

OTEX has been the topic of several other reports. UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 target price on the stock. Citigroup increased their target price on Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Scotiabank dropped their price target on 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. BMO Capital Markets reduced their price objective on Open Text from $33.00 to $32.00 and set a "market perform" rating for the company in a research report on Friday, November 1st. Finally, Barclays lifted their target price on Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $35.18.

Open Text Price Performance

Open Text stock traded down $0.36 during mid-day trading on Friday, hitting $28.30. The company's stock had a trading volume of 1,210,648 shares, compared to its average volume of 680,870. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. Open Text has a twelve month low of $26.84 and a twelve month high of $40.69. The stock has a market capitalization of $7.46 billion, a P/E ratio of 11.50 and a beta of 1.12. The stock's fifty day moving average price is $28.78 and its two-hundred day moving average price is $30.58.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.33% and a net margin of 12.21%. Research analysts forecast that Open Text will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.71%. This is an increase from Open Text's previous quarterly dividend of $0.26. The ex-dividend date is Friday, March 7th. Open Text's dividend payout ratio is presently 42.68%.

Hedge Funds Weigh In On Open Text

Hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its stake in Open Text by 1.7% in the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker's stock valued at $629,000 after buying an additional 322 shares during the period. BNP Paribas Financial Markets lifted 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 valued at $369,000 after acquiring an additional 351 shares during the period. Cromwell Holdings LLC boosted its stake in Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock worth $55,000 after acquiring an additional 380 shares in the last quarter. Blue Trust Inc. grew its holdings in Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares during the period. Finally, Allworth Financial LP increased its stake in Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock valued at $73,000 after purchasing an additional 439 shares in the last quarter. 70.37% of the stock is currently owned by 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.