Open Text (NASDAQ:OTEX) Given "Sector Perform" Rating at Scotiabank

Scotiabank reiterated their sector perform rating on shares of Open Text (NASDAQ:OTEX - Free Report) TSE: OTC in a research report released on Friday, Benzinga reports.

OTEX has been the topic of several other reports. TD Securities dropped their target price on shares of Open Text from $54.00 to $40.00 and set a buy rating on the stock in a report on Friday. Citigroup lowered their price target on Open Text from $42.00 to $37.00 and set a neutral rating for the company in a research report on Friday. CIBC cut their price objective on shares of Open Text from $44.00 to $38.50 and set a neutral rating on the stock in a research note on Friday. Raymond James dropped their price objective on shares of Open Text from $55.00 to $48.00 and set an outperform rating on the stock in a research note on Friday. Finally, Jefferies Financial Group reduced their price target on Open Text from $45.00 to $42.00 and set a buy rating for the company in a report on Friday. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $42.25.

Open Text Stock Performance

Shares of OTEX stock traded down $0.03 on Friday, reaching $30.22. The stock had a trading volume of 1,477,079 shares, compared to its average volume of 652,609. The company has a 50 day simple moving average of $37.15 and a 200 day simple moving average of $38.74. Open Text has a 1 year low of $28.19 and a 1 year high of $45.47. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market cap of $8.25 billion, a P/E ratio of 48.74 and a beta of 1.11.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results 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. The company had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.48 billion. Open Text had a net margin of 2.85% and a return on equity of 24.45%. Equities research analysts expect that Open Text will post 4.14 EPS for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.435 per share. This is a boost from Open Text's previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a dividend yield of 5.76%. The ex-dividend date of this dividend is Friday, May 31st. Open Text's dividend payout ratio (DPR) is currently 161.29%.

Institutional Trading of Open Text

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Boston Partners grew its position in shares of Open Text by 0.5% during the fourth quarter. Boston Partners now owns 60,137 shares of the software maker's stock worth $2,527,000 after buying an additional 318 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Open Text by 18.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker's stock valued at $92,000 after acquiring an additional 334 shares during the period. Chase Investment Counsel Corp increased its position in Open Text by 6.9% in the 1st quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker's stock valued at $319,000 after acquiring an additional 528 shares during the period. Allworth Financial LP increased its position in shares of Open Text by 125.7% during the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker's stock valued at $34,000 after purchasing an additional 533 shares during the period. Finally, Optiver Holding B.V. acquired a new position in shares of Open Text during the 4th quarter valued at $27,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.