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Open Text (NASDAQ:OTEX) Cut to Hold at Beacon Securities

Last updated on Saturday, August 1, 2020 | 2020 MarketBeat

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by stock analysts at Beacon Securities from a "buy" rating to a "hold" rating in a report issued on Thursday, Zacks.com reports.

Several other equities analysts have also commented on the company. Royal Bank of Canada lowered their price objective on Open Text from $54.00 to $45.00 and set an "outperform" rating for the company in a research report on Monday, April 27th. Raymond James set a $45.00 price objective on Open Text and gave the company an "outperform" rating in a research report on Friday, May 1st. Pi Financial reaffirmed a "hold" rating and issued a $58.00 price target on shares of Open Text in a research report on Wednesday, April 29th. Barclays lifted their price target on Open Text from $44.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Finally, TheStreet raised Open Text from a "c+" rating to a "b-" rating in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of "Buy" and a consensus target price of $50.40.

NASDAQ:OTEX traded up $0.15 during trading hours on Thursday, hitting $45.03. The company had a trading volume of 550,960 shares, compared to its average volume of 455,587. The company has a market capitalization of $12.23 billion, a PE ratio of 43.30 and a beta of 0.72. The stock has a 50-day moving average price of $43.12 and a 200 day moving average price of $41.31. Open Text has a 52 week low of $29.11 and a 52 week high of $47.85. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.14 and a quick ratio of 1.14.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, April 30th. The software maker reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.02. The business had revenue of $814.70 million for the quarter, compared to analysts' expectations of $796.47 million. Open Text had a net margin of 9.24% and a return on equity of 7.09%. The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. Analysts anticipate that Open Text will post 2.62 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. Cardinal Capital Management Inc. purchased a new position in shares of Open Text in the first quarter worth about $25,000. Candriam Luxembourg S.C.A. acquired a new stake in shares of Open Text in the second quarter worth approximately $1,200,000. Sowell Financial Services LLC acquired a new stake in shares of Open Text in the first quarter worth approximately $49,000. Parallel Advisors LLC boosted its stake in shares of Open Text by 212.4% in the first quarter. Parallel Advisors LLC now owns 1,534 shares of the software maker's stock worth $53,000 after acquiring an additional 1,043 shares during the last quarter. Finally, Bartlett & Co. LLC acquired a new stake in shares of Open Text in the first quarter worth approximately $68,000. Institutional investors own 65.96% of the company's stock.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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