Open Text Corporation (NASDAQ:OTEX) Receives $35.75 Average PT from Brokerages

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has received a consensus rating of “Hold” from the fourteen analysts that are covering the firm, MarketBeat Ratings reports. Eleven analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $35.75.

Several research firms have recently issued reports on OTEX. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. UBS Group set a $26.00 price objective on shares of Open Text in a report on Friday, February 6th. Canadian Imperial Bank of Commerce decreased their price objective on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating for the company in a research report on Friday, January 16th. Raymond James Financial dropped their target price on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Finally, Zacks Research cut shares of Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th.

Institutional Trading of Open Text

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of Open Text by 75.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock worth $36,307,000 after purchasing an additional 619,527 shares during the period. United Services Automobile Association acquired a new stake in Open Text during the 1st quarter valued at approximately $213,000. Creative Planning increased its stake in shares of Open Text by 66.3% in the second quarter. Creative Planning now owns 33,002 shares of the software maker’s stock worth $964,000 after acquiring an additional 13,152 shares during the period. MAI Capital Management grew its position in Open Text by 58.7% during the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock valued at $47,000 after buying an additional 590 shares during the period. Finally, Advisors Asset Management Inc. boosted its position in Open Text by 26.1% during the second quarter. Advisors Asset Management Inc. now owns 13,514 shares of the software maker’s stock worth $395,000 after purchasing an additional 2,795 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Open Text stock opened at $22.24 on Friday. Open Text has a fifty-two week low of $21.31 and a fifty-two week high of $39.90. The firm’s fifty day moving average price is $24.53 and its 200-day moving average price is $31.46. The stock has a market cap of $5.46 billion, a P/E ratio of 13.08 and a beta of 1.08. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 5th. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.09. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a return on equity of 23.60% and a net margin of 8.42%.Open Text’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.11 EPS. On average, equities research analysts expect that Open Text will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a $0.275 dividend. The ex-dividend date was Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 4.9%. Open Text’s dividend payout ratio (DPR) is 64.71%.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.