CIBC Lowers Open Text (NASDAQ:OTEX) Price Target to $38.50

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by CIBC from $44.00 to $38.50 in a research report released on Friday, BayStreet.CA reports. They currently have a neutral rating on the software maker’s stock.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets cut Open Text from an outperform rating to a market perform rating and lowered their price objective for the company from $50.00 to $38.00 in a research note on Friday. Barclays decreased their price target on Open Text from $44.00 to $38.00 and set an equal weight rating on the stock in a research report on Friday. TD Securities decreased their price target on Open Text from $54.00 to $40.00 and set a buy rating on the stock in a research report on Friday. Jefferies Financial Group began coverage on Open Text in a research report on Tuesday, February 27th. They set a buy rating and a $45.00 price target on the stock. Finally, Citigroup decreased their price target on Open Text from $42.00 to $37.00 and set a neutral rating on the stock in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $42.25.

Open Text Trading Down 0.1 %

Shares of Open Text stock opened at $30.22 on Friday. Open Text has a 52-week low of $28.19 and a 52-week high of $45.47. The stock’s 50-day simple moving average is $37.15 and its 200 day simple moving average is $38.74. The stock has a market capitalization of $8.25 billion, a P/E ratio of 48.74 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be given a dividend of $0.435 per share. This is a boost from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date is Friday, May 31st. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

Institutional Inflows and Outflows

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

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.