Open Text (NASDAQ:OTEX) Receives "Hold (C)" Rating from Weiss Ratings

Key Points

• Open Text (NASDAQ:OTEX) received a "Hold (C)" rating from Weiss Ratings, with additional analysts providing mixed ratings including three Buy ratings and nine Holds.
• The company's stock has shown a 52-week range with a low of $22.79 and a high of $39.90, currently trading at around $39.35.
• In its latest earnings report, Open Text beat expectations by posting a $0.97 EPS despite a 3.8% decline in revenue compared to the previous year.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC's stock had its "hold (c)" rating restated by research analysts at Weiss Ratings in a research note issued on Saturday,Weiss Ratings reports.

A number of other research firms also recently weighed in on OTEX. CIBC reaffirmed a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. National Bank Financial raised Open Text from a "sector perform" rating to an "outperform" rating and set a $45.00 price target for the company in a research report on Monday, September 15th. Royal Bank Of Canada upped their price target on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Tuesday, September 2nd. National Bankshares set a $45.00 price target on Open Text and gave the stock an "outperform" rating in a research report on Thursday. Finally, Scotiabank raised Open Text from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $35.00 to $50.00 in a research report on Wednesday, September 24th. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $38.08.

Open Text Price Performance

Shares of OTEX opened at $39.35 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day simple moving average of $36.16 and a 200 day simple moving average of $30.95. Open Text has a 52-week low of $22.79 and a 52-week high of $39.90. The firm has a market capitalization of $9.91 billion, a PE ratio of 23.85 and a beta of 1.17.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the firm earned $0.98 EPS. Open Text's quarterly revenue was down 3.8% compared to the same quarter last year. Sell-side analysts predict that Open Text will post 3.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Open Text

Several hedge funds have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. acquired a new stake in Open Text during the 1st quarter valued at $323,000. Bessemer Group Inc. lifted its holdings in Open Text by 2,109.1% during the 1st quarter. Bessemer Group Inc. now owns 54,675 shares of the software maker's stock valued at $1,381,000 after purchasing an additional 52,200 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Open Text by 12.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker's stock valued at $4,735,000 after purchasing an additional 21,089 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in Open Text by 10.3% during the 1st quarter. Vontobel Holding Ltd. now owns 65,450 shares of the software maker's stock valued at $1,652,000 after purchasing an additional 6,099 shares during the last quarter. Finally, Cidel Asset Management Inc. lifted its holdings in Open Text by 2.1% during the 1st quarter. Cidel Asset Management Inc. now owns 912,578 shares of the software maker's stock valued at $23,029,000 after purchasing an additional 18,754 shares during the last quarter. 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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