Open Text Co. (NASDAQ:OTEX) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have been assigned an average rating of “Moderate Buy” from the eight research firms that are presently covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $46.25.

OTEX has been the topic of a number of recent analyst reports. Citigroup cut their price target on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. BMO Capital Markets raised their price target on shares of Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $53.00 price target on shares of Open Text in a report on Friday, February 2nd. TD Securities raised their price objective on shares of Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Finally, CIBC raised their price objective on shares of Open Text from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th.

Open Text Trading Down 0.8 %

Shares of Open Text stock opened at $35.74 on Friday. Open Text has a 52-week low of $32.04 and a 52-week high of $45.47. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10. The company’s 50-day simple moving average is $37.86 and its 200-day simple moving average is $38.73. The firm has a market cap of $9.74 billion, a price-to-earnings ratio of 76.04 and a beta of 1.09.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating the consensus estimate of $1.10 by $0.01. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. As a group, equities research analysts anticipate that Open Text will post 4.14 earnings per share for the current year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were given a dividend of $0.25 per share. The ex-dividend date was Thursday, February 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.80%. Open Text’s dividend payout ratio (DPR) is 212.77%.

Institutional Trading of Open Text

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Harris Associates L P grew its stake in shares of Open Text by 1.6% in the 3rd quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock worth $404,144,000 after purchasing an additional 177,600 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Open Text by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 10,209,098 shares of the software maker’s stock worth $428,986,000 after acquiring an additional 123,090 shares in the last quarter. FIL Ltd increased its position in shares of Open Text by 25.7% in the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after acquiring an additional 1,853,891 shares in the last quarter. Beutel Goodman & Co Ltd. increased its position in shares of Open Text by 9.9% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after acquiring an additional 782,885 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of 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 acquiring an additional 74,481 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.