TD Securities Lowers Open Text (NASDAQ:OTEX) Price Target to $40.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective lowered by TD Securities from $54.00 to $40.00 in a research note released on Friday, BayStreet.CA reports. TD Securities currently has a buy rating on the software maker’s stock.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group began coverage on Open Text in a research report on Tuesday, February 27th. They set a buy rating and a $45.00 price objective for the company. CIBC raised their price target on shares of Open Text from $42.00 to $44.00 and gave the stock a neutral rating in a report on Thursday, January 11th. Barclays lowered their price objective on shares of Open Text from $44.00 to $38.00 and set an equal weight rating on the stock in a research report on Friday. StockNews.com raised shares of Open Text from a hold rating to a buy rating in a research note on Tuesday, February 6th. Finally, Royal Bank of Canada restated an outperform rating and set a $53.00 price target on shares of Open Text in a report on Friday, February 2nd. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $42.25.

Open Text Trading Down 0.1 %

OTEX stock traded down $0.03 during mid-day trading on Friday, reaching $30.22. 1,477,069 shares of the stock traded hands, compared to its average volume of 652,609. Open Text has a 52-week low of $28.19 and a 52-week high of $45.47. The stock’s fifty day moving average is $37.32 and its 200-day moving average is $38.77. The company has a market cap of $8.25 billion, a P/E 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.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating the consensus estimate of $1.10 by $0.01. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. As a group, sell-side analysts expect 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. Investors of record on Friday, May 31st will be given a $0.435 dividend. This represents a $1.74 annualized dividend and a yield of 5.76%. The ex-dividend date is Friday, May 31st. This is a boost from Open Text’s previous quarterly dividend of $0.25. Open Text’s payout ratio is 161.29%.

Institutional Investors Weigh In On Open Text

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Optiver Holding B.V. acquired a new stake in Open Text in the fourth quarter worth about $27,000. Pacifica Partners Inc. acquired a new stake in shares of Open Text during the 4th quarter worth approximately $32,000. Allworth Financial LP lifted its holdings in Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares during the period. Assetmark Inc. bought a new position in Open Text in the fourth quarter valued at approximately $48,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock worth $92,000 after acquiring an additional 334 shares during the period. Institutional investors own 70.37% of the company’s stock.

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.