Open Text (NASDAQ:OTEX) Given Sector Perform Rating at Scotiabank

Scotiabank restated their sector perform rating on shares of Open Text (NASDAQ:OTEX) (TSE:OTC) in a report published on Friday morning, Benzinga reports.

A number of other research analysts have also weighed in on OTEX. BMO Capital Markets lowered Open Text from an outperform rating to a market perform rating and dropped their price objective for the stock from $50.00 to $38.00 in a report on Friday. CIBC cut their price target on shares of Open Text from $44.00 to $38.50 and set a neutral rating for the company in a report on Friday. Jefferies Financial Group reduced their price objective on shares of Open Text from $45.00 to $42.00 and set a buy rating for the company in a research note on Friday. StockNews.com cut shares of Open Text from a buy rating to a hold rating in a report on Friday. Finally, TD Securities decreased their price target on Open Text from $54.00 to $40.00 and set a buy rating on the stock in a research note on Friday. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $42.25.

Open Text Stock Performance

Open Text stock traded down $0.03 during trading hours on Friday, reaching $30.22. 1,477,079 shares of the stock were exchanged, compared to its average volume of 652,609. The stock has a market cap of $8.25 billion, a P/E ratio of 48.63 and a beta of 1.11. The firm’s 50 day moving average is $37.32 and its 200 day moving average is $38.77. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. Open Text has a 52-week low of $28.19 and a 52-week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. Analysts predict that Open Text will post 4.14 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be given a dividend of $0.435 per share. This is an increase from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.74 annualized dividend and a yield of 5.76%. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OTEX. Forsta AP Fonden raised its position in shares of Open Text by 10.4% in the third quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock valued at $2,623,000 after buying an additional 7,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Open Text by 13.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,885 shares of the software maker’s stock worth $11,420,000 after purchasing an additional 38,366 shares during the period. Inspire Investing LLC boosted its holdings in shares of Open Text by 23.4% during the third quarter. Inspire Investing LLC now owns 17,568 shares of the software maker’s stock worth $617,000 after purchasing an additional 3,328 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Open Text by 5.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker’s stock valued at $4,164,000 after purchasing an additional 6,412 shares during the period. Finally, CIBC Asset Management Inc increased its stake in Open Text by 0.6% in the third quarter. CIBC Asset Management Inc now owns 814,407 shares of the software maker’s stock valued at $28,671,000 after purchasing an additional 5,037 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.