Open Text (NASDAQ:OTEX) Given New $32.00 Price Target at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target boosted by stock analysts at Citigroup from $30.00 to $32.00 in a research report issued on Friday,BayStreet.CA reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target would indicate a potential upside of 14.39% from the company’s previous close.

Several other research firms have also issued reports on OTEX. TD Securities cut their target price on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Scotiabank reduced their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada downgraded 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 report on Friday, November 1st. Finally, Barclays dropped their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note 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, Open Text has an average rating of “Hold” and an average price target of $35.27.

Open Text Trading Down 5.3 %

NASDAQ:OTEX traded down $1.56 during midday trading on Friday, hitting $27.98. The stock had a trading volume of 1,015,689 shares, compared to its average volume of 605,493. Open Text has a one year low of $26.84 and a one year high of $42.17. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of 16.15 and a beta of 1.12. The stock has a 50-day moving average of $28.90 and a 200 day moving average of $30.64. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 8.35% and a return on equity of 24.34%. As a group, sell-side analysts forecast that Open Text will post 3.37 EPS for the current year.

Institutional Investors Weigh In On Open Text

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its position in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after acquiring an additional 515 shares in the last quarter. Blue Trust Inc. lifted its holdings in Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after purchasing an additional 793 shares in the last quarter. Cromwell Holdings LLC boosted its stake in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares in the last quarter. Finally, Plato Investment Management Ltd acquired a new stake in shares of Open Text in the fourth quarter valued at about $138,000. Hedge funds and other 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.