Open Text (NASDAQ:OTEX) Now Covered by UBS Group

Research analysts at UBS Group assumed coverage on shares of Open Text (NASDAQ:OTEX) (TSE:OTC) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage set a “neutral” rating and a $32.00 price target on the software maker’s stock. UBS Group’s target price suggests a potential upside of 8.22% from the stock’s previous close.

Several other analysts have also commented on the stock. Citigroup dropped their price target on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. TD Securities dropped their target price on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $45.00 to $33.00 in a report on Friday, November 1st. Barclays lowered their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Finally, Scotiabank cut their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $35.55.

Open Text Price Performance

Shares of OTEX opened at $29.57 on Tuesday. The business’s 50-day moving average is $31.17 and its two-hundred day moving average is $31.02. The company has a market capitalization of $7.86 billion, a P/E ratio of 17.09 and a beta of 1.11. Open Text has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. 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) (TSE:OTC) last posted its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the company earned $0.90 earnings per share. Open Text’s revenue for the quarter was down 11.0% compared to the same quarter last year. Research analysts predict that Open Text will post 3.37 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

Several hedge funds and other institutional investors have recently modified their holdings of the business. Franklin Resources Inc. increased its holdings in shares of Open Text by 19.9% in the third quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock valued at $7,086,000 after purchasing an additional 34,135 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Open Text in the 3rd quarter worth $499,000. Toronto Dominion Bank increased its stake in shares of Open Text by 169.6% in the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock worth $19,173,000 after acquiring an additional 362,422 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Open Text by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock worth $46,460,000 after acquiring an additional 61,696 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Open Text during the 3rd quarter valued at about $1,521,000. 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.