Open Text Corporation (NASDAQ:OTEX) Given Consensus Rating of “Hold” by Brokerages

Shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) have been given a consensus recommendation of “Hold” by the fourteen ratings firms that are covering the stock, MarketBeat reports. Eleven research 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 brokers that have updated their coverage on the stock in the last year is $35.75.

OTEX has been the topic of several research analyst reports. Barclays reduced their price objective on shares of Open Text from $39.00 to $30.00 and set an “equal weight” rating on the stock in a report on Friday, February 6th. UBS Group set a $26.00 price target on Open Text in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 29th. Royal Bank Of Canada cut their price objective on shares of Open Text from $33.00 to $30.00 and set a “sector perform” rating on the stock in a report on Friday, February 6th. Finally, Citigroup reduced their target price on Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, February 6th.

Institutional Trading of Open Text

Several hedge funds have recently made changes to their positions in the company. JARISLOWSKY FRASER Ltd boosted its stake in shares of Open Text by 0.6% in the third quarter. JARISLOWSKY FRASER Ltd now owns 21,150,154 shares of the software maker’s stock valued at $790,736,000 after buying an additional 117,436 shares in the last quarter. FIL Ltd lifted its stake in shares of Open Text by 5.7% during the fourth quarter. FIL Ltd now owns 12,155,000 shares of the software maker’s stock valued at $395,853,000 after buying an additional 655,000 shares during the period. Vanguard Group Inc. grew its position in shares of Open Text by 2.0% in the third quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock valued at $436,926,000 after purchasing an additional 229,758 shares during the period. First Trust Advisors LP increased its stake in shares of Open Text by 27.3% during the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock valued at $374,394,000 after acquiring an additional 2,466,264 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Open Text by 11.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock worth $349,978,000 after purchasing an additional 1,122,320 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Down 1.1%

Shares of NASDAQ:OTEX opened at $24.77 on Monday. Open Text has a 52-week low of $22.44 and a 52-week high of $39.90. The stock has a market cap of $6.21 billion, a P/E ratio of 14.57 and a beta of 1.08. The business has a fifty day moving average of $28.45 and a two-hundred day moving average of $32.94. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.57.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.09. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. Open Text’s revenue was down .6% on a year-over-year basis. During the same period in the previous year, the business posted $1.11 EPS. On average, research analysts expect that Open Text will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, March 6th. Open Text’s payout ratio is 64.71%.

Open Text Company Profile

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.