Open Text (NASDAQ:OTEX) Sets New 12-Month Low – What’s Next?

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) shares hit a new 52-week low during mid-day trading on Monday . The company traded as low as $24.61 and last traded at $24.99, with a volume of 49937 shares trading hands. The stock had previously closed at $25.29.

Analyst Ratings Changes

OTEX has been the topic of a number of research analyst reports. Barclays upped their price target on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Citigroup raised their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Royal Bank of Canada lowered their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, TD Securities lowered their target price on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Open Text has an average rating of “Hold” and an average price target of $35.18.

Open Text Trading Down 1.0 %

The firm has a market capitalization of $6.58 billion, a PE ratio of 10.18 and a beta of 1.17. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The company’s 50-day simple moving average is $27.38 and its 200 day simple moving average is $29.49.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. As a group, sell-side analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a dividend of $0.2625 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 4.19%. The ex-dividend date was Friday, March 7th. Open Text’s dividend payout ratio is currently 42.68%.

Institutional Investors Weigh In On Open Text

Institutional investors have recently added to or reduced their stakes in the business. IFP Advisors Inc raised its position in shares of Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after purchasing an additional 515 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after buying an additional 398 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in shares of Open Text in the fourth quarter worth $60,000. Generali Asset Management SPA SGR acquired a new stake in shares of Open Text during the fourth quarter worth $62,000. Finally, 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 valued at $73,000 after buying an additional 439 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.