Open Text (NASDAQ:OTEX) Given New $30.00 Price Target at Scotiabank

Open Text (NASDAQ:OTEX - Free Report) TSE: OTC had its price objective lowered by Scotiabank from $35.00 to $30.00 in a report issued on Monday morning,BayStreet.CA reports. The firm currently has a sector perform rating on the software maker's stock.

Several other research firms have also weighed in on OTEX. Royal Bank of Canada reduced their price objective on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 22nd. TD Securities reduced their price objective on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Sunday, February 9th. Citigroup boosted their price objective on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. National Bankshares dropped their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research note on Friday, April 25th. Finally, StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $33.64.

Open Text Trading Down 0.4 %

Shares of Open Text stock traded down $0.11 on Monday, reaching $26.99. 861,888 shares of the company were exchanged, compared to its average volume of 818,022. The stock has a fifty day moving average price of $25.76 and a 200-day moving average price of $28.26. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of 10.97 and a beta of 1.13. Open Text has a fifty-two week low of $22.79 and a fifty-two week high of $35.97.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The firm had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the firm posted $0.94 EPS. The business's revenue was down 13.3% on a year-over-year basis. On average, analysts expect 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. Shareholders of record on Friday, March 7th were paid a dividend of $0.2625 per share. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 3.89%. The ex-dividend date was Friday, March 7th. Open Text's dividend payout ratio is currently 42.68%.

Hedge Funds Weigh In On Open Text

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its holdings in shares of Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after buying an additional 398 shares during the last quarter. Allworth Financial LP lifted its holdings in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after buying an additional 439 shares during the period. IFP Advisors Inc raised its position in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after acquiring an additional 515 shares during the last quarter. DGS Capital Management LLC raised its holdings in Open Text by 2.0% during the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock worth $750,000 after purchasing an additional 530 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Open Text by 1.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock valued at $1,857,000 after purchasing an additional 947 shares during the last quarter. 70.37% of the stock is 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.