Open Text (NASDAQ:OTEX) Price Target Lowered to $30.00 at Scotiabank

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by Scotiabank from $35.00 to $30.00 in a research note published on Monday morning,BayStreet.CA reports. The firm currently has a sector perform rating on the software maker’s stock.

Several other research firms have also recently weighed in on OTEX. Royal Bank of Canada dropped their price objective on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 22nd. Barclays reduced their price objective on Open Text from $36.00 to $29.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Citigroup upped their price objective on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, National Bankshares cut their price target on Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $33.64.

Open Text Trading Up 0.1 %

Shares of OTEX stock opened at $27.04 on Monday. Open Text has a 52-week low of $22.79 and a 52-week high of $36.05. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 10.99 and a beta of 1.13. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a fifty day moving average of $25.76 and a 200-day moving average of $28.27.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, equities research analysts forecast that Open Text will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a dividend of $0.2625 per share. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 3.88%. Open Text’s dividend payout ratio (DPR) is presently 42.68%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Cidel Asset Management Inc. boosted its stake in Open Text by 2.1% in the first quarter. Cidel Asset Management Inc. now owns 912,578 shares of the software maker’s stock valued at $23,029,000 after buying an additional 18,754 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in shares of Open Text by 10.3% during the first quarter. Vontobel Holding Ltd. now owns 65,450 shares of the software maker’s stock valued at $1,652,000 after purchasing an additional 6,099 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Open Text by 12.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker’s stock valued at $4,735,000 after purchasing an additional 21,089 shares in the last quarter. Value Partners Investments Inc. boosted its stake in shares of Open Text by 1,162.1% during the first quarter. Value Partners Investments Inc. now owns 2,333,539 shares of the software maker’s stock valued at $58,955,000 after purchasing an additional 2,148,639 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Open Text by 2,109.1% during the first quarter. Bessemer Group Inc. now owns 54,675 shares of the software maker’s stock valued at $1,381,000 after purchasing an additional 52,200 shares in the last quarter. Institutional investors 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.