Open Text (NASDAQ:OTEX) Price Target Cut to $33.00 by Analysts at Royal Bank Of Canada

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by Royal Bank Of Canada from $35.00 to $33.00 in a research note released on Monday,BayStreet.CA reports. Royal Bank Of Canada currently has a sector perform rating on the software maker’s stock.

Other analysts also recently issued research reports about the stock. Citigroup dropped their target price on shares of Open Text from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, December 23rd. National Bankshares set a $45.00 price objective on shares of Open Text and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. TD Securities lowered shares of Open Text from a “buy” rating to a “hold” rating and lifted their target price for the company from $35.00 to $40.00 in a report on Friday, October 3rd. Jefferies Financial Group upped their price target on shares of Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, November 6th. Finally, TD Cowen reissued a “hold” rating and issued a $40.00 price objective on shares of Open Text in a research report on Friday, October 3rd. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Open Text presently has a consensus rating of “Hold” and a consensus price target of $38.83.

Open Text Stock Up 0.5%

Shares of NASDAQ OTEX opened at $28.99 on Monday. The stock has a market capitalization of $7.30 billion, a PE ratio of 15.18 and a beta of 1.08. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.60. The firm has a fifty day moving average of $32.57 and a 200-day moving average of $33.70. Open Text has a 52-week low of $22.79 and a 52-week high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a return on equity of 23.44% and a net margin of 9.60%.The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 earnings per share. On average, analysts anticipate that Open Text will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Friday, December 5th. Open Text’s payout ratio is presently 57.59%.

Institutional Investors Weigh In On Open Text

A number of hedge funds have recently bought and sold shares of OTEX. Sagard Holdings Management Inc. purchased a new position in shares of Open Text during the 2nd quarter valued at approximately $30,000. CIBC Private Wealth Group LLC acquired a new stake in Open Text in the third quarter valued at $33,000. MAI Capital Management boosted its stake in Open Text by 58.7% during the 2nd 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 holdings in Open Text by 27.4% during the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after acquiring an additional 352 shares in the last quarter. Finally, WealthCollab LLC increased its position in shares of Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.