Open Text (NASDAQ:OTEX) PT Lowered to $38.00 at Barclays

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target reduced by Barclays from $44.00 to $38.00 in a report released on Friday, MarketBeat Ratings reports. They currently have an equal weight rating on the software maker’s stock.

Several other research analysts have also recently weighed in on the stock. TD Securities lifted their price target on shares of Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research note on Friday, February 2nd. BMO Capital Markets lowered Open Text from an outperform rating to a market perform rating and cut their price target for the company from $50.00 to $38.00 in a report on Friday. Citigroup decreased their price objective on Open Text from $44.00 to $42.00 and set a neutral rating on the stock in a research note on Friday, March 22nd. CIBC lifted their price objective on Open Text from $42.00 to $44.00 and gave the company a neutral rating in a research report on Thursday, January 11th. Finally, StockNews.com raised shares of Open Text from a hold rating to a buy rating in a report on Tuesday, February 6th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Open Text currently has an average rating of Hold and a consensus price target of $42.25.

Open Text Stock Performance

OTEX stock traded down $0.03 during trading on Friday, reaching $30.22. The stock had a trading volume of 1,476,105 shares, compared to its average volume of 652,598. The firm has a market cap of $8.25 billion, a PE ratio of 48.63 and a beta of 1.11. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01. The stock’s 50 day moving average is $37.32 and its two-hundred day moving average is $38.77. 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 issued its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.01. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a net margin of 2.85% and a return on equity of 24.45%. As a group, equities analysts anticipate that Open Text will post 4.14 earnings per share for the current year.

Open Text Increases Dividend

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

Institutional Trading of Open Text

Several hedge funds have recently modified their holdings of the company. Forsta AP Fonden raised its stake in Open Text by 10.4% during the third quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock valued at $2,623,000 after purchasing an additional 7,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Open Text by 13.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,885 shares of the software maker’s stock valued at $11,420,000 after acquiring an additional 38,366 shares during the last quarter. Inspire Investing LLC grew its position in Open Text by 23.4% in the third quarter. Inspire Investing LLC now owns 17,568 shares of the software maker’s stock worth $617,000 after acquiring an additional 3,328 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Open Text by 5.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker’s stock worth $4,164,000 after acquiring an additional 6,412 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of Open Text by 0.6% in the 3rd 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. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.