Open Text (NASDAQ:OTEX) Cut to Buy at StockNews.com

StockNews.com downgraded shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a strong-buy rating to a buy rating in a research report released on Monday morning.

Several other equities analysts also recently issued reports on OTEX. Citigroup decreased their price objective on shares of Open Text from $33.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Barclays lowered their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. TD Securities reduced their target price on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, December 30th. BMO Capital Markets dropped their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday, November 1st. Finally, Scotiabank decreased their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $35.27.

Open Text Price Performance

Shares of Open Text stock opened at $29.23 on Monday. The firm has a market cap of $7.71 billion, a PE ratio of 16.90 and a beta of 1.12. Open Text has a twelve month low of $26.84 and a twelve month high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The business has a 50-day moving average price of $28.94 and a 200 day moving average price of $30.70.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The business’s revenue was down 11.0% compared to the same quarter last year. Sell-side analysts predict that Open Text will post 3.37 earnings per share for the current fiscal year.

Institutional Trading of Open Text

A number of hedge funds and other institutional investors have recently modified their holdings of OTEX. Louisbourg Investments Inc. raised its stake in shares of Open Text by 2.9% in the 4th quarter. Louisbourg Investments Inc. now owns 116,174 shares of the software maker’s stock valued at $3,286,000 after acquiring an additional 3,239 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Open Text by 30.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker’s stock worth $4,705,000 after purchasing an additional 39,266 shares during the period. Wilmington Savings Fund Society FSB lifted its position in shares of Open Text by 15.2% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 17,253 shares of the software maker’s stock worth $489,000 after purchasing an additional 2,270 shares in the last quarter. Vest Financial LLC acquired a new position in shares of Open Text in the fourth quarter valued at approximately $267,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Open Text during the 4th quarter worth approximately $2,810,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.