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

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

OTEX has been the topic of several other research reports. Citigroup decreased their price target on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. 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 note on Friday, November 1st. Scotiabank cut their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. Barclays lowered their target price on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Finally, Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Open Text currently has an average rating of “Hold” and a consensus target price of $35.55.

Open Text Stock Performance

NASDAQ OTEX opened at $27.50 on Friday. The business has a 50-day moving average price of $29.17 and a 200-day moving average price of $30.93. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of 15.90 and a beta of 1.12. Open Text has a twelve month low of $26.96 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.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data 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 net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the firm posted $0.90 EPS. The company’s revenue was down 11.0% on a year-over-year basis. As a group, equities research analysts predict that Open Text will post 3.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Open Text

Large investors have recently made changes to their positions in the company. Franklin Resources Inc. lifted its stake in shares of Open Text by 19.9% during the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock worth $7,086,000 after acquiring an additional 34,135 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Open Text during the third quarter worth $499,000. Toronto Dominion Bank boosted its stake in shares of Open Text by 169.6% during the third 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 period. Geode Capital Management LLC grew its holdings in shares of 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 during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Open Text in the 3rd quarter worth about $1,521,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.