BMO Capital Markets Has Lowered Expectations for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by investment analysts at BMO Capital Markets from $30.00 to $28.00 in a research note issued on Friday,BayStreet.CA reports. The brokerage currently has a “market perform” rating on the software maker’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 7.03% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. CIBC decreased their target price on shares of Open Text from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday. Barclays reduced their price objective on Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Royal Bank of Canada dropped their target price on Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 22nd. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, National Bankshares dropped their price target on shares of Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $32.30.

Open Text Price Performance

Shares of OTEX stock opened at $26.16 on Friday. The business’s fifty day moving average is $25.72 and its 200 day moving average is $28.11. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 10.63 and a beta of 1.13. Open Text has a twelve month low of $22.79 and a twelve month high of $34.20.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the firm earned $0.94 EPS. The company’s revenue was down 13.3% compared to the same quarter last year. Research analysts expect that Open Text will post 3.45 EPS for the current fiscal year.

Institutional Trading of Open Text

A number of large investors have recently made changes to their positions in OTEX. Blue Trust Inc. boosted its holdings in Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after purchasing an additional 398 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after acquiring an additional 515 shares during the period. DGS Capital Management LLC increased its position in Open Text by 2.0% during the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker’s stock valued at $750,000 after acquiring an additional 530 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Open Text by 1.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker’s stock valued at $1,857,000 after acquiring an additional 947 shares during the period. 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.