Open Text Co. (NASDAQ:OTEX – Get Rating) (TSE:OTC) has been assigned a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $48.00.
A number of brokerages recently commented on OTEX. Citigroup began coverage on Open Text in a report on Thursday. They set a “neutral” rating and a $34.00 target price for the company. Raymond James decreased their price objective on shares of Open Text from $55.00 to $53.00 and set an “outperform” rating for the company in a report on Friday, August 26th. National Bankshares reaffirmed a “buy” rating and set a $60.00 price target on shares of Open Text in a report on Friday, June 17th. TheStreet cut Open Text from a “b-” rating to a “c+” rating in a research report on Wednesday. Finally, StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 26th.
Institutional Investors Weigh In On Open Text
A number of large investors have recently made changes to their positions in OTEX. Northwestern Mutual Wealth Management Co. acquired a new stake in Open Text during the second quarter valued at $25,000. Prospera Financial Services Inc raised its stake in Open Text by 148.3% in the 2nd quarter. Prospera Financial Services Inc now owns 745 shares of the software maker’s stock valued at $28,000 after purchasing an additional 445 shares during the last quarter. Tobam purchased a new position in shares of Open Text in the first quarter worth about $29,000. Twin Tree Management LP acquired a new position in shares of Open Text during the 1st quarter worth approximately $41,000. Finally, Power Corp of Canada purchased a new stake in Open Text in the 1st quarter valued at $43,000. 68.82% of the stock is owned by hedge funds and other institutional investors.
Open Text Stock Down 1.7 %
Open Text Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be issued a dividend of $0.243 per share. This represents a $0.97 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Thursday, September 1st. This is a positive change from Open Text’s previous quarterly dividend of $0.22. Open Text’s dividend payout ratio is currently 60.27%.
About Open Text
Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.
- Get a free copy of the StockNews.com research report on Open Text (OTEX)
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