Open Text’s (OTEX) Sector Perform Rating Reiterated at Scotiabank

Scotiabank reissued their sector perform rating on shares of Open Text (NASDAQ:OTEX) (TSE:OTC) in a research report sent to investors on Friday morning, Benzinga reports.

Other analysts also recently issued reports about the company. Citigroup cut their target price on Open Text from $42.00 to $37.00 and set a neutral rating on the stock in a research note on Friday. Jefferies Financial Group lowered their price target on Open Text from $45.00 to $42.00 and set a buy rating for the company in a research report on Friday. TD Securities lowered their price target on Open Text from $54.00 to $40.00 and set a buy rating on the stock in a report on Friday. 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. Finally, Raymond James cut their target price on shares of Open Text from $55.00 to $48.00 and set an outperform rating for the company in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $42.25.

Open Text Price Performance

Open Text stock opened at $30.22 on Friday. The company has a market capitalization of $8.25 billion, a price-to-earnings ratio of 48.74 and a beta of 1.11. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01. Open Text has a 12 month low of $28.19 and a 12 month high of $45.47. The stock’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 announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders 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 dividend yield of 5.76%. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s payout ratio is 161.29%.

Institutional Trading of Open Text

Hedge funds have recently added to or reduced their stakes in the business. Optiver Holding B.V. bought a new position in Open Text in the 4th quarter worth approximately $27,000. Pacifica Partners Inc. acquired a new position in Open Text in the fourth quarter valued at about $32,000. Allworth Financial LP lifted 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 worth $34,000 after acquiring an additional 533 shares during the last quarter. Assetmark Inc. bought a new stake in Open Text during the 4th quarter worth approximately $48,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after acquiring an additional 334 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

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.