Barclays Lowers Open Text (NASDAQ:OTEX) Price Target to $29.00

Open Text (NASDAQ:OTEX - Free Report) TSE: OTC had its target price reduced by Barclays from $36.00 to $29.00 in a research report report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the software maker's stock.

OTEX has been the subject of a number of other reports. Royal Bank of Canada decreased their price target on Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a report on Friday, February 7th. Citigroup boosted their target price on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. StockNews.com downgraded shares of Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Finally, TD Securities cut their price objective on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a report on Sunday, February 9th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $34.09.

Open Text Stock Performance

OTEX traded up $0.13 during trading on Monday, reaching $27.00. 720,034 shares of the company's stock were exchanged, compared to its average volume of 813,506. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The company's fifty day simple moving average is $25.76 and its 200-day simple moving average is $28.39. Open Text has a 1 year low of $22.79 and a 1 year high of $36.05. The stock has a market capitalization of $7.01 billion, a P/E ratio of 10.98 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. As a group, research analysts predict that Open Text will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a dividend of $0.2625 per share. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend was Friday, March 7th. Open Text's payout ratio is 42.68%.

Institutional Trading of Open Text

A number of institutional investors have recently made changes to their positions in the company. IFP Advisors Inc lifted its holdings in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares in the last quarter. Versant Capital Management Inc acquired a new stake in shares of Open Text in the first quarter valued at about $26,000. Blue Trust Inc. lifted its stake in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares in the last quarter. Parallel Advisors LLC boosted its position in 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 acquiring an additional 1,331 shares during the last quarter. Finally, Aquatic Capital Management LLC purchased a new stake in Open Text during the 4th quarter valued at about $60,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.