Open Text (NASDAQ:OTEX) Price Target Cut to $38.00 by Analysts at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by investment analysts at TD Securities from $40.00 to $38.00 in a report released on Monday,BayStreet.CA reports. The firm currently has a “buy” rating on the software maker’s stock. TD Securities’ price target indicates a potential upside of 31.39% from the company’s previous close.

A number of other analysts have also recently weighed in on OTEX. UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price for the company. Citigroup decreased their target price on shares of Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Scotiabank reduced their price target on shares of 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. Finally, Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.27.

Open Text Price Performance

Shares of NASDAQ:OTEX traded down $0.52 during trading on Monday, reaching $28.92. The company had a trading volume of 404,237 shares, compared to its average volume of 550,841. Open Text has a twelve month low of $26.84 and a twelve month high of $43.13. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $7.63 billion, a PE ratio of 16.71 and a beta of 1.12. The firm’s fifty day moving average is $28.96 and its 200 day moving average is $30.68.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the company posted $0.90 EPS. The firm’s quarterly revenue was down 11.0% on a year-over-year basis. On average, equities analysts forecast that Open Text will post 3.37 EPS for the current year.

Institutional Trading of Open Text

Large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its stake in shares of Open Text by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after purchasing an additional 63,620 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Open Text by 1.1% in the third quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock worth $135,399,000 after buying an additional 46,223 shares during the last quarter. Value Partners Investments Inc. increased its holdings in shares of Open Text by 2.2% during the 3rd quarter. Value Partners Investments Inc. now owns 2,342,166 shares of the software maker’s stock valued at $77,947,000 after acquiring an additional 50,348 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Open Text by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock valued at $46,460,000 after acquiring an additional 61,696 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Open Text by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 672,532 shares of the software maker’s stock worth $22,411,000 after purchasing an additional 11,965 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

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.