Open Text (NASDAQ:OTEX) Price Target Lowered to $37.00 at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price cut by Citigroup from $42.00 to $37.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. They currently have a neutral rating on the software maker’s stock.

A number of other brokerages have also recently weighed in on OTEX. TD Securities boosted their price target on shares of Open Text from $53.00 to $54.00 and gave the company a buy rating in a research report on Friday, February 2nd. BMO Capital Markets cut shares of Open Text from an outperform rating to a market perform rating and reduced their price target for the company from $50.00 to $38.00 in a research report on Friday. National Bankshares reduced their price target on shares of Open Text from $60.00 to $50.00 and set an outperform rating for the company in a research report on Friday. Jefferies Financial Group assumed coverage on shares of Open Text in a research report on Tuesday, February 27th. They issued a buy rating and a $45.00 price target for the company. Finally, CIBC boosted their price target on shares of Open Text from $42.00 to $44.00 and gave the company a neutral rating in a research report on Thursday, January 11th. Seven equities research analysts have rated the stock with a hold rating and five have assigned 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 Stock Performance

Shares of OTEX stock opened at $30.22 on Friday. 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 firm has a fifty day moving average price of $37.15 and a 200 day moving average price of $38.74. The company has a market cap of $8.25 billion, a P/E 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued 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 annualized dividend and a yield of 5.76%. The ex-dividend date is Friday, May 31st. Open Text’s dividend payout ratio is currently 161.29%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Boston Partners raised its holdings in Open Text by 0.5% during the fourth quarter. Boston Partners now owns 60,137 shares of the software maker’s stock worth $2,527,000 after purchasing an additional 318 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings 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 worth $92,000 after purchasing an additional 334 shares in the last quarter. Chase Investment Counsel Corp raised its holdings 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 worth $319,000 after purchasing an additional 528 shares in the last quarter. Allworth Financial LP raised its holdings in 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 purchasing an additional 533 shares in the last quarter. Finally, Optiver Holding B.V. purchased a new position in Open Text during the fourth quarter worth about $27,000. 70.37% of the stock is owned by hedge funds and other 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.