TD Securities Lowers Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price cut by TD Securities from $40.00 to $38.00 in a research report report published on Monday morning,BayStreet.CA reports. They currently have a buy rating on the software maker’s stock.

A number of other brokerages also recently weighed in on OTEX. Citigroup reduced their price target on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Barclays reduced their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 25th. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Finally, Scotiabank lowered their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $35.55.

Open Text Trading Down 0.4 %

Shares of NASDAQ:OTEX opened at $28.32 on Monday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s 50-day moving average is $29.76 and its 200-day moving average is $30.98. The company has a market cap of $7.49 billion, a P/E ratio of 16.37 and a beta of 1.11. Open Text has a 52-week low of $27.05 and a 52-week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (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 firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the firm posted $0.90 EPS. The company’s revenue was down 11.0% on a year-over-year basis. Equities research analysts predict that Open Text will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 29th were given a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.70%. This is a boost from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date was Friday, November 29th. Open Text’s dividend payout ratio is 60.69%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in OTEX. Franklin Resources Inc. raised its stake in shares of Open Text by 19.9% in the third quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock valued at $7,086,000 after acquiring an additional 34,135 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Open Text during the 3rd quarter valued at $499,000. Toronto Dominion Bank raised its position in Open Text by 169.6% in the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock valued at $19,173,000 after purchasing an additional 362,422 shares during the last quarter. Geode Capital Management LLC boosted its stake in Open Text by 4.6% in the third quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock worth $46,460,000 after purchasing an additional 61,696 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Open Text during the third quarter worth $1,521,000. 70.37% of the stock is owned by institutional investors.

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.