Scotiabank Issues Positive Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective raised by Scotiabank from $30.00 to $35.00 in a report published on Tuesday morning, MarketBeat Ratings reports. Scotiabank currently has a sector perform rating on the software maker’s stock.

A number of other research firms also recently weighed in on OTEX. Citigroup lifted their target price on Open Text from $29.00 to $43.00 and gave the stock a “negative” rating in a report on Friday, May 2nd. BMO Capital Markets dropped their target price on Open Text from $30.00 to $28.00 and set a “market perform” rating for the company in a report on Friday, May 2nd. Barclays reissued a “positive” rating on shares of Open Text in a report on Friday. National Bankshares dropped their target price on Open Text from $38.00 to $34.00 and set a “sector perform” rating for the company in a report on Friday, April 25th. Finally, CIBC reissued a “neutral” rating on shares of Open Text in a report on Monday. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and a consensus target price of $32.60.

Open Text Trading Down 2.4%

Shares of Open Text stock opened at $29.49 on Tuesday. The business has a fifty day simple moving average of $29.02 and a two-hundred day simple moving average of $27.62. Open Text has a 1 year low of $22.79 and a 1 year high of $34.20. The company has a market capitalization of $7.50 billion, a price-to-earnings ratio of 17.87 and a beta of 1.12. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm posted $0.98 EPS. The company’s quarterly revenue was down 3.8% on a year-over-year basis. Research analysts forecast that Open Text will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a $0.275 dividend. The ex-dividend date is Friday, September 5th. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.7%. Open Text’s dividend payout ratio (DPR) is 63.64%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OTEX. Versant Capital Management Inc bought a new position in Open Text in the first quarter valued at about $26,000. MAI Capital Management grew its position in Open Text by 58.7% in the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock valued at $47,000 after acquiring an additional 590 shares during the last quarter. Cromwell Holdings LLC grew its position in Open Text by 27.4% in the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after acquiring an additional 352 shares during the last quarter. Parallel Advisors LLC grew its position in 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 acquiring an additional 1,331 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new position in Open Text in the fourth quarter valued at about $60,000. Institutional investors own 70.37% of the company’s stock.

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.