Open Text (NASDAQ:OTEX) Price Target Cut to $50.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lowered by National Bankshares from $60.00 to $50.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. National Bankshares currently has an outperform rating on the software maker’s stock.

Several other research analysts also recently issued reports on the stock. BMO Capital Markets downgraded shares of Open Text from an outperform rating to a market perform rating and lowered their price objective for the stock from $50.00 to $38.00 in a research report on Friday. Barclays lowered their price objective on shares of 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 raised their price objective on shares of Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Citigroup lowered their price objective on shares of Open Text from $44.00 to $42.00 and set a neutral rating on the stock in a research report on Friday, March 22nd. Finally, Jefferies Financial Group assumed coverage on shares of Open Text in a research report on Tuesday, February 27th. They set a buy rating and a $45.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Open Text currently has an average rating of Hold and a consensus target price of $42.25.

Open Text Trading Down 0.1 %

NASDAQ OTEX opened at $30.22 on Friday. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. The firm’s fifty day moving average price is $37.15 and its 200 day moving average price is $38.74. The company has a market capitalization of $8.25 billion, a price-to-earnings ratio of 48.74 and a beta of 1.11. Open Text has a 12 month low of $28.19 and a 12 month high of $45.47.

Open Text Increases Dividend

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

Institutional Trading of Open Text

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Harris Associates L P lifted its stake in shares of Open Text by 1.6% in the third quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock valued at $404,144,000 after purchasing an additional 177,600 shares during the period. Vanguard Group Inc. lifted its stake 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 valued at $428,986,000 after purchasing an additional 123,090 shares during the period. FIL Ltd lifted its stake 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 valued at $380,696,000 after purchasing an additional 1,853,891 shares during the period. Beutel Goodman & Co Ltd. lifted its stake 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 valued at $365,800,000 after purchasing an additional 782,885 shares during the period. Finally, First Trust Advisors LP lifted its stake 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 valued at $292,817,000 after purchasing an additional 74,481 shares during the period. 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.