Open Text (NASDAQ:OTEX) PT Lowered to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by Barclays from $44.00 to $38.00 in a report issued on Friday morning, MarketBeat reports. They currently have an equal weight rating on the software maker’s stock.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada reiterated an outperform rating and set a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. TD Securities boosted their target price on shares of Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research note on Friday, February 2nd. BMO Capital Markets downgraded shares of Open Text from an outperform rating to a market perform rating and lowered their target price for the stock from $50.00 to $38.00 in a research note on Friday. Citigroup reduced their price target on shares of Open Text from $44.00 to $42.00 and set a neutral rating for the company in a research report on Friday, March 22nd. Finally, StockNews.com raised shares of Open Text from a hold rating to a buy rating in a research report on Tuesday, February 6th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be issued a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a dividend 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 dividend payout ratio is presently 161.29%.

Institutional Investors Weigh In On Open Text

A number of institutional investors and hedge funds have recently made changes to their positions in OTEX. Optiver Holding B.V. purchased a new stake in shares of Open Text in the fourth quarter valued at about $27,000. Pacifica Partners Inc. purchased a new stake in shares of Open Text in the fourth quarter valued at about $32,000. Allworth Financial LP raised its holdings in shares of Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares during the last quarter. Assetmark Inc. purchased a new position in Open Text during the fourth quarter worth about $48,000. Finally, 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. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.