Open Text (NASDAQ:OTEX) Upgraded at National Bank Financial

Key Points

• Open Text was upgraded by National Bank Financial from a "sector perform" rating to an "outperform" rating, with a target price of $45.00, indicating a potential upside of 26.12%.
• The company reported an earnings per share (EPS) of $0.97 for the last quarter, exceeding expectations of $0.86, despite a 3.8% year-over-year decline in revenue.
• Institutional investors currently hold 70.37% of Open Text's shares, showcasing strong interest from hedge funds and institutional stakeholders.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC was upgraded by analysts at National Bank Financial from a "sector perform" rating to an "outperform" rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage presently has a $45.00 target price on the software maker's stock. National Bank Financial's price objective would indicate a potential upside of 26.12% from the company's previous close.

OTEX has been the topic of several other reports. Barclays restated a "positive" rating on shares of Open Text in a research report on Friday, August 8th. Jefferies Financial Group cut Open Text from a "buy" rating to a "hold" rating and set a $33.00 target price on the stock. in a research report on Tuesday, August 12th. CIBC reiterated a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada lifted their price target on Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research report on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Open Text presently has an average rating of "Hold" and an average target price of $34.18.

Open Text Stock Up 1.2%

OTEX opened at $35.68 on Monday. Open Text has a 12 month low of $22.79 and a 12 month high of $35.96. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $9.07 billion, a P/E ratio of 21.62 and a beta of 1.16. The stock's 50 day moving average price is $30.95 and its 200 day moving average price is $28.35.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its earnings results on Thursday, August 7th. The software maker reported $0.97 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 firm had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.30 billion. During the same period last year, the firm earned $0.98 EPS. The firm's revenue was down 3.8% compared to the same quarter last year. As a group, research analysts predict that Open Text will post 3.45 earnings per share for the current year.

Institutional Trading of Open Text

Institutional investors have recently bought and sold shares of the company. Sagard Holdings Management Inc. acquired a new stake in Open Text during the second quarter valued at $30,000. Versant Capital Management Inc acquired a new stake in Open Text during the first quarter valued at $26,000. MAI Capital Management boosted its position in Open Text by 58.7% during the second quarter. MAI Capital Management now owns 1,595 shares of the software maker's stock valued at $47,000 after purchasing an additional 590 shares during the last quarter. Cromwell Holdings LLC boosted its position in Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker's stock valued at $48,000 after purchasing an additional 352 shares during the last quarter. Finally, WealthCollab LLC boosted its position in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker's stock valued at $48,000 after purchasing an additional 464 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

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.

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