Open Text (NASDAQ:OTEX – Free Report) (TSE:OTC) had its price target trimmed by Jefferies Financial Group from $45.00 to $42.00 in a report published on Friday, BayStreet.CA reports. The brokerage currently has a buy rating on the software maker’s stock.
Other equities research analysts also recently issued research reports about the stock. StockNews.com raised shares of Open Text from a hold rating to a buy rating in a research note on Tuesday, February 6th. CIBC reduced their target price on shares of Open Text from $44.00 to $38.50 and set a neutral rating on the stock in a research note on Friday. National Bankshares reduced their target price 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. TD Securities reduced their target price on shares of Open Text from $54.00 to $40.00 and set a buy rating on the stock in a research note on Friday. Finally, Royal Bank of Canada reissued an outperform rating and issued a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $42.25.
Get Our Latest Research Report on Open Text
Open Text Price Performance
Open Text Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.435 per share. 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 dividend payout ratio is presently 161.29%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Boston Partners boosted its holdings in shares of Open Text by 0.5% in the 4th quarter. Boston Partners now owns 60,137 shares of the software maker’s stock valued at $2,527,000 after buying an additional 318 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Open Text by 18.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after purchasing an additional 334 shares during the last quarter. Chase Investment Counsel Corp raised its position in shares of Open Text by 6.9% in the 1st quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after purchasing an additional 528 shares during the last quarter. Allworth Financial LP raised its position in shares of Open Text by 125.7% in the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after purchasing an additional 533 shares during the last quarter. Finally, Optiver Holding B.V. purchased a new position in shares of Open Text in the 4th quarter valued at approximately $27,000. 70.37% of the stock is currently owned by 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.
Featured Articles
- Five stocks we like better than Open Text
- What is Short Interest? How to Use It
- 3 CEO-Led Turnaround Stocks You Can Still Buy
- Stock Ratings and Recommendations: Understanding Analyst Ratings
- 3 Value Stocks You Can Buy Before They Become Big
- How to Invest in the FAANG Stocks
- Chinese Stocks Stage Impressive Rebound
Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.