Open Text Corporation (NASDAQ:OTEX - Get Free Report) TSE: OTC's share price was down 4.9% during mid-day trading on Wednesday . The company traded as low as $28.96 and last traded at $28.70. Approximately 574,992 shares changed hands during trading, a decline of 39% from the average daily volume of 945,294 shares. The stock had previously closed at $30.19.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on OTEX shares. Royal Bank Of Canada decreased their price target 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. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. National Bankshares reduced 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. CIBC reduced their price objective on Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Finally, Scotiabank reduced their price objective on Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Open Text currently has an average rating of "Hold" and a consensus target price of $32.30.
Read Our Latest Stock Report on Open Text
Open Text Trading Down 0.0%
The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54. The company's 50 day simple moving average is $28.27 and its 200-day simple moving average is $27.44. The firm has a market cap of $7.40 billion, a P/E ratio of 11.78 and a beta of 1.13.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the firm posted $0.94 earnings per share. The business's revenue was down 13.3% compared to the same quarter last year. As a group, research analysts predict that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.
Open Text Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were paid a $0.2625 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a yield of 3.64%. Open Text's dividend payout ratio is currently 42.86%.
Hedge Funds Weigh In On Open Text
A number of hedge funds have recently added to or reduced their stakes in OTEX. Vident Advisory LLC lifted its holdings in shares of Open Text by 6.6% during the 1st quarter. Vident Advisory LLC now owns 11,681 shares of the software maker's stock valued at $295,000 after purchasing an additional 722 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Open Text by 1.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock valued at $1,857,000 after acquiring an additional 947 shares in the last quarter. Versant Capital Management Inc acquired a new position in shares of Open Text during the first quarter valued at about $26,000. Parallel Advisors LLC increased its holdings 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 in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Open Text by 15.4% during the fourth quarter. Farther Finance Advisors LLC now owns 10,041 shares of the software maker's stock valued at $284,000 after buying an additional 1,340 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.
Open Text Company Profile
(
Get Free Report)
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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