Open Text Co. (NASDAQ:OTEX) Given Average Recommendation of "Hold" by Brokerages

Open Text Co. (NASDAQ:OTEX - Get Free Report) TSE: OTC has been assigned an average recommendation of "Hold" from the eleven analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $32.30.

Several research firms have weighed in on OTEX. BMO Capital Markets reduced their target price on Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a report on Friday. National Bankshares decreased their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research report on Friday, April 25th. Citigroup raised their target price on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday. Scotiabank reduced their price target on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. Finally, CIBC dropped their price objective on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday.

Open Text Stock Performance

Shares of Open Text stock opened at $26.82 on Tuesday. The firm has a fifty day moving average of $25.73 and a two-hundred day moving average of $28.02. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $6.96 billion, a price-to-earnings ratio of 10.90 and a beta of 1.13. Open Text has a 52 week low of $22.79 and a 52 week high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The firm's revenue was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 earnings per share. As a group, equities research analysts predict that Open Text will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a $0.2625 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 annualized dividend and a yield of 3.91%. Open Text's dividend payout ratio (DPR) is presently 42.68%.

Institutional Investors Weigh In On Open Text

Hedge funds and other institutional investors have recently modified their holdings of the company. Easterly Investment Partners LLC increased its position in Open Text by 3.7% during the first quarter. Easterly Investment Partners LLC now owns 494,372 shares of the software maker's stock worth $12,488,000 after acquiring an additional 17,784 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Open Text by 34.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 17,199 shares of the software maker's stock worth $434,000 after purchasing an additional 4,362 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Open Text by 42.4% during the first quarter. Cerity Partners LLC now owns 47,391 shares of the software maker's stock worth $1,197,000 after purchasing an additional 14,109 shares during the period. Alps Advisors Inc. raised its position in shares of Open Text by 5.8% in the first quarter. Alps Advisors Inc. now owns 33,109 shares of the software maker's stock valued at $836,000 after buying an additional 1,807 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of Open Text by 16.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 107,281 shares of the software maker's stock valued at $2,686,000 after buying an additional 15,498 shares during the period. Institutional investors and hedge funds own 70.37% of the company's stock.

About Open Text

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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