TD Cowen Reiterates Hold Rating for Open Text (NASDAQ:OTEX)

Open Text (NASDAQ:OTEX) (TSE:OTC)‘s stock had its “hold” rating restated by stock analysts at TD Cowen in a report issued on Friday,Benzinga reports. They presently have a $40.00 price objective on the software maker’s stock. TD Cowen’s target price indicates a potential upside of 5.43% from the stock’s current price.

Several other equities analysts also recently commented on OTEX. Royal Bank Of Canada boosted their price target on shares of Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Tuesday, September 2nd. Scotiabank upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $35.00 to $50.00 in a research note on Wednesday, September 24th. TD Securities downgraded shares of Open Text from a “buy” rating to a “hold” rating and boosted their price target for the stock from $35.00 to $40.00 in a research note on Friday. Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Jefferies Financial Group downgraded shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 price target for the company. in a research note on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $37.25.

Open Text Stock Up 0.7%

Shares of NASDAQ OTEX opened at $37.94 on Friday. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 22.99 and a beta of 1.17. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text has a 52-week low of $22.79 and a 52-week high of $39.04. The business’s 50 day moving average is $33.41 and its two-hundred day moving average is $29.54.

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

Institutional Investors Weigh In On Open Text

Hedge funds have recently made changes to their positions in the business. Plato Investment Management Ltd boosted its stake in shares of Open Text by 926.0% during the first quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker’s stock worth $1,276,000 after buying an additional 45,126 shares during the period. Korea Investment CORP boosted its stake in shares of Open Text by 107.7% during the first quarter. Korea Investment CORP now owns 188,444 shares of the software maker’s stock worth $4,755,000 after buying an additional 97,700 shares during the period. Parallel Advisors LLC boosted its stake in shares of Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock worth $49,000 after buying an additional 1,331 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in 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 worth $4,735,000 after purchasing an additional 21,089 shares in the last quarter. Finally, Value Partners Investments Inc. raised its holdings in Open Text by 9.8% during the second quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock worth $74,709,000 after purchasing an additional 228,062 shares in the last quarter. Institutional investors and hedge funds 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.