Open Text (NASDAQ:OTEX) Price Target Cut to $42.00 by Analysts at Jefferies Financial Group

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC had its price objective decreased by equities researchers at Jefferies Financial Group from $45.00 to $42.00 in a note issued to investors on Friday, BayStreet.CA reports. The firm currently has a "buy" rating on the software maker's stock. Jefferies Financial Group's target price would indicate a potential upside of 38.84% from the stock's current price.

Other research analysts have also issued reports about the stock. Raymond James dropped their price objective on shares of Open Text from $55.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday. BMO Capital Markets lowered shares of Open Text from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $50.00 to $38.00 in a research report on Friday. StockNews.com upgraded Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, February 6th. TD Securities reduced their price target on Open Text from $54.00 to $40.00 and set a "buy" rating on the stock in a report on Friday. Finally, Barclays dropped their price objective on Open Text from $44.00 to $38.00 and set an "equal weight" rating for the company in a report on Friday. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $42.25.

Open Text Trading Down 14.7 %

OTEX traded down $5.22 on Friday, hitting $30.25. The company had a trading volume of 3,705,104 shares, compared to its average volume of 643,007. The business's fifty day simple moving average is $37.48 and its 200 day simple moving average is $38.73. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10. Open Text has a 12-month low of $28.19 and a 12-month high of $45.47. The company has a market cap of $8.25 billion, a PE ratio of 63.85 and a beta of 1.11.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $1.48 billion. Equities research analysts expect that Open Text will post 4.14 EPS for the current year.

Institutional Trading of Open Text

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in Open Text during the 4th quarter worth $139,600,000. Clearbridge Investments LLC acquired a new stake in Open Text in the fourth quarter worth about $117,627,000. FIL Ltd grew its stake in shares of Open Text by 25.7% during the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker's stock worth $380,696,000 after acquiring an additional 1,853,891 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Open Text during the third quarter valued at about $49,856,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Open Text by 73.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,852,184 shares of the software maker's stock valued at $77,970,000 after purchasing an additional 785,157 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

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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