Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Scotiabank in a research report issued to clients and investors on Friday, Benzinga reports.
A number of other brokerages have also weighed in on OTEX. CIBC reduced their price target on shares of Open Text from $44.00 to $38.50 and set a “neutral” rating for the company in a research note on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $53.00 price target on shares of Open Text in a research note on Friday, February 2nd. Barclays dropped their price objective on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday. Citigroup lowered their target price on Open Text from $42.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday. Finally, BMO Capital Markets downgraded shares of 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. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and a consensus target price of $42.25.
Get Our Latest Stock Analysis on OTEX
Open Text Stock Down 0.1 %
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last released its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, topping 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. As a group, analysts forecast that Open Text will post 4.14 earnings per share for the current year.
Hedge Funds Weigh In On Open Text
Several large investors have recently made changes to their positions in the business. Harris Associates L P increased its holdings in shares of Open Text by 1.6% during the 3rd quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock worth $404,144,000 after purchasing an additional 177,600 shares during the period. Vanguard Group Inc. increased its stake in Open Text by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 10,209,098 shares of the software maker’s stock valued at $428,986,000 after acquiring an additional 123,090 shares during the period. FIL Ltd raised its holdings in Open Text by 25.7% in the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock valued at $380,696,000 after acquiring an additional 1,853,891 shares in the last quarter. Beutel Goodman & Co Ltd. grew its holdings in shares of Open Text by 9.9% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after purchasing an additional 782,885 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Open Text by 1.1% during the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock worth $292,817,000 after buying an additional 74,481 shares in 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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