Citigroup Forecasts Strong Price Appreciation for Open Text (NASDAQ:OTEX) Stock

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price boosted by research analysts at Citigroup from $29.00 to $43.00 in a report released on Friday,BayStreet.CA reports. The brokerage presently has a “negative” rating on the software maker’s stock. Citigroup’s price target would suggest a potential upside of 64.37% from the stock’s current price.

OTEX has been the subject of several other research reports. Royal Bank of Canada decreased their price target on Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 22nd. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. TD Securities dropped their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. Scotiabank lowered their price objective on Open Text from $35.00 to $30.00 and set a “sector perform” rating for the company in a research report on Monday, April 28th. Finally, National Bankshares dropped 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, April 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, Open Text has a consensus rating of “Hold” and a consensus target price of $32.30.

Open Text Trading Up 1.2 %

NASDAQ OTEX opened at $26.16 on Friday. Open Text has a twelve month low of $22.79 and a twelve month high of $34.20. 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 company has a market cap of $6.79 billion, a price-to-earnings ratio of 10.63 and a beta of 1.13.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. IFP Advisors Inc increased its position in shares of Open Text by 103.8% during 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 in the last quarter. Versant Capital Management Inc bought a new stake in Open Text during the 1st quarter worth approximately $26,000. Blue Trust Inc. raised its stake in shares of 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. Parallel Advisors LLC lifted its holdings in shares of Open Text by 219.3% in the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock valued at $49,000 after purchasing an additional 1,331 shares in the last quarter. Finally, Aquatic Capital Management LLC purchased a new position in shares of Open Text during the fourth quarter valued at approximately $60,000. Institutional investors and hedge funds 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.