StockNews.com Upgrades Open Text (NASDAQ:OTEX) to "Buy"

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC was upgraded by StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Tuesday.

OTEX has been the subject of several other research reports. Barclays dropped their target price on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Scotiabank decreased their price target on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. BMO Capital Markets dropped their price objective on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a report on Friday, May 2nd. Citigroup increased their target price on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. Finally, UBS Group decreased their target price on Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. 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. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $32.30.

Open Text Trading Up 0.6%

NASDAQ:OTEX traded up $0.17 during midday trading on Tuesday, hitting $28.14. 1,456,760 shares of the company traded hands, compared to its average volume of 833,625. The firm has a market capitalization of $7.31 billion, a P/E ratio of 11.44 and a beta of 1.15. The firm's fifty day moving average is $25.99 and its 200-day moving average is $27.77. Open Text has a 12-month low of $22.79 and a 12-month high of $34.20. 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 announced its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The business's revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 earnings per share. On average, sell-side analysts predict that Open Text will post 3.45 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OTEX. IFP Advisors Inc raised its holdings in shares of Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares in the last quarter. Versant Capital Management Inc purchased a new position in Open Text during the first quarter valued at approximately $26,000. Blue Trust Inc. raised its stake in 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 in the last quarter. Parallel Advisors LLC lifted its holdings in Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after buying an additional 1,331 shares during the period. Finally, Aquatic Capital Management LLC purchased a new stake in Open Text during the fourth quarter worth $60,000. 70.37% of the stock is currently 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.