Open Text Corporation (NASDAQ:OTEX) Receives Average Rating of “Hold” from Brokerages

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has been assigned an average rating of “Hold” from the fourteen brokerages that are presently covering the company, Marketbeat reports. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $38.8333.

Several equities analysts recently weighed in on OTEX shares. Jefferies Financial Group raised their price target on shares of Open Text from $33.00 to $35.00 and gave the company a “hold” rating in a research report on Thursday, November 6th. UBS Group raised their target price on Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 7th. TD Securities upgraded Open Text to a “hold” rating in a report on Monday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a report on Monday, December 29th. Finally, Royal Bank Of Canada cut their target price on Open Text from $35.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Monday, January 26th.

Open Text Trading Up 1.4%

NASDAQ OTEX opened at $23.51 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.60. Open Text has a 52 week low of $22.44 and a 52 week high of $39.90. The business has a 50 day moving average price of $31.50 and a 200-day moving average price of $33.53. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 12.31 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.05. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a net margin of 9.60% and a return on equity of 23.44%. The business’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.93 earnings per share. As a group, equities analysts expect that Open Text will post 3.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OTEX. Sagard Holdings Management Inc. bought a new stake in shares of Open Text in the 2nd quarter worth approximately $30,000. CIBC Private Wealth Group LLC bought a new stake in shares of Open Text in the third quarter valued at approximately $33,000. MAI Capital Management lifted its position in shares of Open Text by 58.7% during the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after acquiring an additional 590 shares in the last quarter. WealthCollab LLC grew its position in shares of Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after purchasing an additional 464 shares in the last quarter. Finally, Osaic Holdings Inc. raised its position in shares of Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after buying an additional 937 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.