Zacks Research Upgrades Open Text (NASDAQ:OTEX) to Hold

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday, Zacks reports.

OTEX has been the topic of several other research reports. UBS Group upped their target price on Open Text from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Scotia dropped their target price on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, August 7th. Raymond James Financial downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $35.00 to $29.50 in a research note on Thursday, August 6th. Citigroup increased their price objective on shares of Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a research report on Monday, September 21st. Three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, Open Text has a consensus rating of “Hold” and a consensus target price of $30.95.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $22.71 on Monday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. Open Text has a one year low of $19.77 and a one year high of $39.90. The company has a 50-day simple moving average of $23.96 and a 200-day simple moving average of $23.13. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 8.80 and a beta of 1.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the firm posted $0.97 EPS. Open Text’s quarterly revenue was up 2.9% on a year-over-year basis. On average, analysts predict that Open Text will post 3.72 EPS for the current year.

Institutional Investors Weigh In On Open Text

Hedge funds and other institutional investors have recently bought and sold shares of the business. Byrne Asset Management LLC grew its position in Open Text by 11.5% in the 2nd quarter. Byrne Asset Management LLC now owns 4,837 shares of the software maker’s stock valued at $107,000 after acquiring an additional 500 shares during the last quarter. Legacy Wealth Asset Management LLC lifted its position in shares of Open Text by 2.9% during the second quarter. Legacy Wealth Asset Management LLC now owns 21,435 shares of the software maker’s stock worth $475,000 after purchasing an additional 595 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Open Text by 23.0% during the first quarter. PNC Financial Services Group Inc. now owns 4,117 shares of the software maker’s stock valued at $92,000 after purchasing an additional 769 shares during the period. Ridgewood Investments LLC boosted its position in Open Text by 1.4% in the 3rd quarter. Ridgewood Investments LLC now owns 67,238 shares of the software maker’s stock valued at $1,507,000 after buying an additional 936 shares during the period. Finally, IMA Advisory Services Inc. grew its stake in Open Text by 3.3% in the first quarter. IMA Advisory Services Inc. now owns 32,771 shares of the software maker’s stock worth $729,000 after purchasing an additional 1,054 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About Open Text

OpenText Corporation (NASDAQ: OTEX) is a Canadian enterprise software company that provides information management solutions for organizations worldwide. Its products help businesses create, capture, manage, secure, exchange and analyze content and data across digital operations.

The company’s portfolio includes enterprise content management, business process management, customer experience management, secure file transfer, cybersecurity, IT operations management, analytics and developer tools.