Open Text (NASDAQ:OTEX) Given New $40.00 Price Target at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price reduced by TD Securities from $54.00 to $40.00 in a research report report published on Friday morning, BayStreet.CA reports. They currently have a buy rating on the software maker’s stock.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group began coverage on shares of Open Text in a report on Tuesday, February 27th. They set a buy rating and a $45.00 target price for the company. StockNews.com raised Open Text from a hold rating to a buy rating in a report on Tuesday, February 6th. Citigroup dropped their target price on Open Text from $42.00 to $37.00 and set a neutral rating on the stock in a report on Friday. BMO Capital Markets downgraded Open Text from an outperform rating to a market perform rating and decreased their price target for the company from $50.00 to $38.00 in a report on Friday. Finally, National Bankshares dropped 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. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $42.25.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $30.22 on Friday. Open Text has a twelve month low of $28.19 and a twelve month high of $45.47. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01. The company has a market cap of $8.25 billion, a PE ratio of 48.74 and a beta of 1.11. The company’s 50 day moving average is $37.15 and its 200 day moving average is $38.74.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued a $0.435 dividend. This represents a $1.74 annualized dividend and a yield of 5.76%. This is a boost from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, May 31st. Open Text’s payout ratio is presently 161.29%.

Hedge Funds Weigh In On Open Text

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Open Text by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after purchasing an additional 154,240 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Open Text during the third quarter worth about $2,630,000. Vontobel Holding Ltd. grew its stake in Open Text by 182.1% during the 4th quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock valued at $1,563,000 after acquiring an additional 24,000 shares in the last quarter. Value Partners Investments Inc. raised its holdings in Open Text by 16.3% in the 4th quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after acquiring an additional 286,766 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Open Text by 7.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 837,880 shares of the software maker’s stock worth $29,543,000 after purchasing an additional 55,360 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.