Open Text (NASDAQ:OTEX) Rating Lowered to Hold at StockNews.com

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC was downgraded by investment analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Friday.

Several other research analysts also recently weighed in on the stock. Barclays dropped their target price on shares of Open Text from $44.00 to $38.00 and set an "equal weight" rating for the company in a report on Friday. National Bankshares cut their price objective on shares of Open Text from $60.00 to $50.00 and set an "outperform" rating for the company in a report on Friday. Citigroup dropped their target price on shares of Open Text from $42.00 to $37.00 and set a "neutral" rating for the company in a research report on Friday. Raymond James lowered their target price on Open Text from $55.00 to $48.00 and set an "outperform" rating for the company in a research report on Friday. Finally, CIBC lowered their price objective on shares of Open Text from $44.00 to $38.50 and set a "neutral" rating for the company in a research report on Friday. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Open Text has an average rating of "Hold" and an average target price of $42.25.

Open Text Stock Performance

Shares of NASDAQ:OTEX traded down $5.22 during trading on Friday, hitting $30.25. The company's stock had a trading volume of 3,705,104 shares, compared to its average volume of 643,007. Open Text has a 12 month low of $28.19 and a 12 month high of $45.47. The firm has a market cap of $8.25 billion, a price-to-earnings ratio of 64.36 and a beta of 1.11. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38. The company has a 50-day moving average of $37.32 and a 200-day moving average of $38.70.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.01. Open Text had a return on equity of 22.99% and a net margin of 2.24%. The firm had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.48 billion. On average, sell-side analysts expect that Open Text will post 4.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OTEX. Optiver Holding B.V. bought a new position in Open Text in the fourth quarter worth approximately $27,000. Pacifica Partners Inc. purchased a new position in Open Text in the fourth quarter valued at about $32,000. Allworth Financial LP raised its holdings in Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker's stock worth $34,000 after purchasing an additional 533 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Open Text in the 4th quarter valued at about $48,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Open Text by 18.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker's stock worth $92,000 after buying an additional 334 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Company Profile

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.

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