Open Text (NASDAQ:OTEX) Given New $35.00 Price Target at Scotiabank

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by equities research analysts at Scotiabank from $40.00 to $35.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “sector perform” rating on the software maker’s stock. Scotiabank’s target price points to a potential upside of 18.76% from the company’s previous close.

Other analysts have also issued research reports about the stock. Barclays lowered their price target on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a research report on Friday, August 2nd. Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $45.00 to $33.00 in a research report on Friday. National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Finally, CIBC cut their price target on Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, July 19th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.50.

Open Text Price Performance

Shares of NASDAQ:OTEX traded down $0.53 during trading on Friday, reaching $29.47. The stock had a trading volume of 454,377 shares, compared to its average volume of 630,964. The business’s 50-day moving average price is $32.80 and its 200 day moving average price is $31.62. Open Text has a 52 week low of $27.50 and a 52 week high of $45.47. The stock has a market capitalization of $7.83 billion, a PE ratio of 17.20 and a beta of 1.12. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same period last year, the company posted $0.79 earnings per share. As a group, equities analysts predict that Open Text will post 3.23 earnings per share for the current year.

Institutional Investors Weigh In On Open Text

A number of institutional investors and hedge funds have recently modified their holdings of OTEX. Brandes Investment Partners LP lifted its stake in shares of Open Text by 236.8% during the 2nd quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker’s stock worth $55,059,000 after buying an additional 1,290,011 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Open Text by 25.1% during the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock worth $167,277,000 after acquiring an additional 1,118,479 shares during the period. Cooke & Bieler LP raised its stake in Open Text by 18.6% in 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 in the last quarter. JARISLOWSKY FRASER Ltd boosted its holdings in Open Text by 5.1% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock valued at $471,415,000 after purchasing an additional 767,822 shares during the period. Finally, National Bank of Canada FI increased its holdings in shares of Open Text by 17.5% during the second 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 during the period. 70.37% of the stock is 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.