Open Text (NASDAQ:OTEX) Stock Rating Lowered by BMO Capital Markets

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday, MarketBeat.com reports. They currently have a $38.00 price objective on the software maker’s stock, down from their prior price objective of $50.00. BMO Capital Markets’ target price would suggest a potential upside of 25.62% from the company’s previous close.

A number of other research firms have also recently weighed in on OTEX. StockNews.com raised Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday, February 6th. Royal Bank of Canada restated an “outperform” rating and set a $53.00 price target on shares of Open Text in a research note on Friday, February 2nd. TD Securities raised their price objective on Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. CIBC increased their price target 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. Finally, Jefferies Financial Group initiated coverage on shares of Open Text in a report on Tuesday, February 27th. They issued a “buy” rating and a $45.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $42.25.

Open Text Stock Down 14.7 %

Shares of Open Text stock opened at $30.25 on Friday. Open Text has a 1 year low of $28.19 and a 1 year high of $45.47. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of 48.79 and a beta of 1.11. The firm’s 50-day moving average is $37.32 and its two-hundred day moving average is $38.73.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. Open Text had a return on equity of 24.61% and a net margin of 2.85%. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.48 billion. As a group, research analysts expect that Open Text will post 4.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Text

Several institutional investors have recently bought and sold shares of OTEX. Boston Partners grew its holdings in Open Text by 0.5% in the 4th quarter. Boston Partners now owns 60,137 shares of the software maker’s stock valued at $2,527,000 after buying an additional 318 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Open Text by 18.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after purchasing an additional 334 shares during the period. Chase Investment Counsel Corp boosted its stake in shares of Open Text by 6.9% in the 1st quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after buying an additional 528 shares during the period. Allworth Financial LP increased its stake in shares of Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after buying an additional 533 shares during the period. Finally, Optiver Holding B.V. acquired a new position in Open Text during the 4th quarter worth approximately $27,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.