Open Text (NASDAQ:OTEX) Raised to “Strong-Buy” at StockNews.com

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Sunday.

A number of other brokerages have also weighed in on OTEX. Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $45.00 to $33.00 in a report on Friday, November 1st. UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price for the company. BMO Capital Markets cut their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. TD Securities lowered their target price on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, December 30th. Finally, Citigroup cut their target price on shares of Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.27.

Open Text Trading Down 1.2 %

NASDAQ:OTEX opened at $27.78 on Friday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. Open Text has a 1 year low of $26.84 and a 1 year high of $45.47. The stock has a market cap of $7.35 billion, a P/E ratio of 16.06 and a beta of 1.12. The stock has a 50-day simple moving average of $28.99 and a 200-day simple moving average of $30.82.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the firm posted $0.90 earnings per share. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, analysts anticipate that Open Text will post 3.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. increased its position in Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares during the period. Kimelman & Baird LLC bought a new stake in shares of Open Text in the 2nd quarter valued at approximately $36,000. Cromwell Holdings LLC raised its holdings in Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares in the last quarter. Essex LLC bought a new position in Open Text in the 3rd quarter worth $210,000. Finally, Net Worth Advisory Group bought a new stake in shares of Open Text in the 3rd quarter valued at approximately $226,000. 70.37% of the stock is owned by institutional investors and hedge funds.

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.