Open Text (NASDAQ:OTEX) Given New $34.00 Price Target at Barclays

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by analysts at Barclays from $36.00 to $34.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price target indicates a potential upside of 16.60% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. BMO Capital Markets cut their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday. Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $45.00 to $33.00 in a research note on Friday. Scotiabank dropped their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday. Jefferies Financial Group reduced their price objective on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Open Text presently has an average rating of “Hold” and a consensus target price of $36.20.

Open Text Price Performance

NASDAQ OTEX traded down $0.84 during mid-day trading on Friday, hitting $29.16. The stock had a trading volume of 605,544 shares, compared to its average volume of 631,795. The company has a 50 day simple moving average of $32.80 and a 200 day simple moving average of $31.62. The company has a market cap of $7.74 billion, a price-to-earnings ratio of 17.05 and a beta of 1.12. Open Text has a 52-week low of $27.50 and a 52-week high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released 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. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The business’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.79 EPS. Equities analysts forecast that Open Text will post 3.23 EPS for the current fiscal year.

Institutional Trading of Open Text

Several institutional investors have recently made changes to their positions in OTEX. JARISLOWSKY FRASER Ltd raised its position in shares of Open Text by 5.1% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after buying an additional 767,822 shares during the period. Vanguard Group Inc. raised its holdings in shares of Open Text by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock worth $401,693,000 after purchasing an additional 135,812 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Open Text by 25.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after purchasing an additional 1,118,479 shares in the last quarter. Cooke & Bieler LP grew its holdings in shares of Open Text by 18.6% during the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock worth $166,325,000 after purchasing an additional 867,978 shares during the period. Finally, National Bank of Canada FI increased its position in Open Text by 17.5% during the 2nd quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after purchasing an additional 599,790 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other 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.