Open Text (NASDAQ:OTEX - Get Rating) (TSE:OTC) had its price target lowered by analysts at TD Securities from $50.00 to $48.00 in a note issued to investors on Friday, BayStreet.CA reports. The brokerage presently has a "buy" rating on the software maker's stock. TD Securities' price objective suggests a potential upside of 22.76% from the company's current price.
Several other brokerages also recently weighed in on OTEX. Royal Bank of Canada dropped their target price on Open Text from $62.00 to $52.00 and set an "outperform" rating on the stock in a research note on Thursday, May 5th. National Bankshares restated a "buy" rating and set a $60.00 price target on shares of Open Text in a research note on Friday, June 17th. Raymond James set a $60.00 price objective on shares of Open Text and gave the company an "outperform" rating in a research report on Thursday, May 5th. StockNews.com downgraded shares of Open Text from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, July 26th. Finally, TheStreet cut shares of Open Text from a "b-" rating to a "c" rating in a report on Tuesday, May 31st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $53.00.
Open Text Stock Down 6.1 %
Shares of OTEX stock traded down $2.53 during mid-day trading on Friday, hitting $39.10. 173,646 shares of the stock traded hands, compared to its average volume of 503,354. The stock's fifty day moving average is $39.22 and its two-hundred day moving average is $41.28. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.57 and a quick ratio of 1.57. Open Text has a 52-week low of $35.04 and a 52-week high of $55.25. The stock has a market cap of $10.54 billion, a P/E ratio of 22.52 and a beta of 0.92.
Open Text (NASDAQ:OTEX - Get Rating) (TSE:OTC) last posted its earnings results on Wednesday, May 4th. The software maker reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.01. The company had revenue of $882.30 million during the quarter, compared to analysts' expectations of $883.76 million. Open Text had a net margin of 13.66% and a return on equity of 20.16%. Open Text's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. Equities analysts predict that Open Text will post 3.04 EPS for the current year.
Hedge Funds Weigh In On Open Text
Several hedge funds and other institutional investors have recently bought and sold shares of OTEX. Van ECK Associates Corp boosted its holdings in shares of Open Text by 87.8% in the 4th quarter. Van ECK Associates Corp now owns 2,907 shares of the software maker's stock valued at $138,000 after acquiring an additional 1,359 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Open Text in the fourth quarter valued at $2,494,000. Yousif Capital Management LLC acquired a new stake in Open Text during the 4th quarter worth about $201,000. Qube Research & Technologies Ltd raised its stake in shares of Open Text by 99.1% during the 4th quarter. Qube Research & Technologies Ltd now owns 165,617 shares of the software maker's stock valued at $7,863,000 after buying an additional 82,449 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Open Text by 14.3% in the 4th quarter. Quadrant Capital Group LLC now owns 3,145 shares of the software maker's stock valued at $149,000 after buying an additional 394 shares during the period. Institutional investors and hedge funds own 70.43% of the company's stock.
Open Text Company Profile
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Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.
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