Open Text (NASDAQ:OTEX) Raised to “Hold” at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by analysts at TD Securities to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. UBS Group upped their price target on Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. National Bankshares set a $45.00 price target on shares of Open Text and gave the company an “outperform” rating in a report on Thursday, October 23rd. Barclays boosted their price target on shares of Open Text from $33.00 to $39.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 21st. Jefferies Financial Group increased their price objective on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, November 6th. Finally, Royal Bank Of Canada dropped their price objective on Open Text from $35.00 to $33.00 and set a “sector perform” rating for the company in a research note on Monday, January 26th. Three equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $38.83.

Open Text Stock Performance

NASDAQ OTEX opened at $23.19 on Monday. The firm has a market cap of $5.84 billion, a P/E ratio of 12.14 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 company’s 50 day moving average is $31.71 and its 200-day moving average is $33.60. Open Text has a 12-month low of $22.74 and a 12-month high of $39.90.

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, beating analysts’ consensus estimates of $1.00 by $0.05. Open Text had a net margin of 9.60% and a return on equity of 23.44%. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the business earned $0.93 EPS. Open Text’s revenue was up 1.5% compared to the same quarter last year. Sell-side analysts predict that Open Text will post 3.45 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

Large investors have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Open Text by 38.6% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 40,256 shares of the software maker’s stock worth $1,278,000 after buying an additional 11,205 shares during the last quarter. Danske Bank A S purchased a new position in shares of Open Text during the fourth quarter worth approximately $64,000. Vest Financial LLC lifted its holdings in shares of Open Text by 56.4% in the 4th quarter. Vest Financial LLC now owns 27,547 shares of the software maker’s stock worth $897,000 after acquiring an additional 9,932 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Open Text by 43.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 351,863 shares of the software maker’s stock worth $11,477,000 after acquiring an additional 106,836 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of Open Text by 61.3% in the 4th quarter. UBS Group AG now owns 662,567 shares of the software maker’s stock valued at $21,586,000 after purchasing an additional 251,851 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.