Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) had its price target cut by research analysts at CIBC from $38.50 to $36.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. CIBC’s target price suggests a potential upside of 23.03% from the stock’s current price.
Several other analysts also recently commented on the stock. National Bankshares cut their price objective on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Raymond James cut their target price on Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Citigroup decreased their price target on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Jefferies Financial Group reduced their target price on Open Text from $45.00 to $42.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, TD Securities reduced their price objective on Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.
Read Our Latest Analysis on OTEX
Open Text Stock Performance
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities analysts anticipate that Open Text will post 3.79 EPS for the current year.
Institutional Trading of Open Text
Several hedge funds have recently added to or reduced their stakes in OTEX. Harris Associates L P lifted its holdings in shares of Open Text by 1.6% in the third quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock valued at $404,144,000 after buying an additional 177,600 shares during the period. Vanguard Group Inc. boosted its position in shares of Open Text by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after purchasing an additional 135,812 shares in the last quarter. FIL Ltd grew its stake in shares of Open Text by 25.7% in the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after purchasing an additional 1,853,891 shares during the last quarter. Beutel Goodman & Co Ltd. raised its holdings in shares of Open Text by 9.9% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after purchasing an additional 782,885 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Open Text by 1.1% in the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock worth $292,817,000 after buying an additional 74,481 shares during the last quarter. 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.
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