Royal Bank of Canada Issues Pessimistic Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX - Free Report) TSE: OTC had its price objective reduced by Royal Bank of Canada from $31.00 to $30.00 in a research report sent to investors on Tuesday,BayStreet.CA reports. Royal Bank of Canada currently has a sector perform rating on the software maker's stock.

Several other equities research analysts also recently commented on OTEX. TD Securities decreased their target price on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. Citigroup increased their price objective on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, February 7th. StockNews.com lowered shares of Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Finally, Barclays cut their target price on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $34.09.

Open Text Trading Up 0.5 %

OTEX stock traded up $0.13 during mid-day trading on Tuesday, reaching $27.00. The company's stock had a trading volume of 720,034 shares, compared to its average volume of 813,506. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 10.98 and a beta of 1.13. Open Text has a 12 month low of $22.79 and a 12 month high of $36.05. The business's 50 day moving average price is $25.76 and its 200 day moving average price is $28.36. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, equities research analysts predict that Open Text will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.05 annualized dividend and a dividend yield of 3.89%. This is a boost from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio (DPR) is 42.68%.

Hedge Funds Weigh In On Open Text

Institutional investors have recently modified their holdings of the company. Versant Capital Management Inc purchased a new stake in shares of Open Text in the 1st quarter valued at $26,000. IFP Advisors Inc grew its holdings in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares during the period. Parallel Advisors LLC raised its stake in shares of Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after acquiring an additional 1,331 shares during the last quarter. Finally, Aquatic Capital Management LLC purchased a new stake in Open Text in the 4th quarter worth approximately $60,000. 70.37% of the stock is currently owned by institutional investors.

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.