Jefferies Financial Group Trims Open Text (NASDAQ:OTEX) Target Price to $35.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by Jefferies Financial Group from $42.00 to $35.00 in a report released on Friday, BayStreet.CA reports. They currently have a buy rating on the software maker’s stock.

Several other equities analysts also recently commented on OTEX. Scotiabank reiterated a sector perform rating on shares of Open Text in a report on Friday, May 3rd. StockNews.com upgraded shares of Open Text from a hold rating to a buy rating in a report on Saturday, May 11th. CIBC decreased their price objective on shares of Open Text from $36.00 to $33.00 and set a neutral rating on the stock in a report on Friday, July 19th. National Bankshares downgraded shares of Open Text from an outperform rating to a sector perform rating and set a $38.00 price objective on the stock. in a report on Friday. Finally, TD Securities decreased their price objective on shares of Open Text from $54.00 to $40.00 and set a buy rating on the stock in a report on Friday, May 3rd. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $38.80.

Open Text Stock Performance

NASDAQ OTEX traded up $0.54 on Friday, hitting $29.03. 439,336 shares of the stock were exchanged, compared to its average volume of 665,425. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. The business’s fifty day moving average is $30.01 and its 200 day moving average is $34.78. Open Text has a 52 week low of $27.54 and a 52 week high of $45.47. The company has a market capitalization of $7.77 billion, a PE ratio of 46.44 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.22%. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the firm posted $0.79 earnings per share. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. Research analysts anticipate that Open Text will post 3.18 EPS for the current fiscal year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a $0.192 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.65%. Open Text’s dividend payout ratio (DPR) is currently 161.29%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in Open Text in the 4th quarter valued at approximately $742,000. DekaBank Deutsche Girozentrale raised its holdings in Open Text by 12.8% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 110,944 shares of the software maker’s stock valued at $4,668,000 after buying an additional 12,609 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Open Text by 14.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 136,262 shares of the software maker’s stock valued at $5,726,000 after buying an additional 17,645 shares during the last quarter. Value Partners Investments Inc. raised its holdings in Open Text by 16.3% in the 4th quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after buying an additional 286,766 shares during the last quarter. Finally, Cerity Partners LLC bought a new position in Open Text in the 4th quarter valued at approximately $1,202,000. Institutional investors 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.