Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Friday.
A number of other research analysts also recently commented on OTEX. BMO Capital Markets increased their price target on Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Barclays reduced their price target on Open Text from $44.00 to $40.00 and set an “equal weight” rating for the company in a report on Thursday. CIBC increased their price target on Open Text from $41.00 to $42.00 and gave the company a “neutral” rating in a report on Friday, August 4th. Finally, Citigroup increased their price target on Open Text from $41.00 to $44.00 in a report on Wednesday, June 21st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Open Text has an average rating of “Hold” and a consensus target price of $46.00.
Get Our Latest Analysis on Open Text
Open Text Stock Down 1.4 %
Shares of OTEX stock traded down $0.49 during trading hours on Friday, reaching $34.48. The company had a trading volume of 437,006 shares, compared to its average volume of 555,768. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.71 and a current ratio of 0.71. Open Text has a twelve month low of $25.73 and a twelve month high of $43.25. The company has a market capitalization of $9.35 billion, a P/E ratio of 61.57 and a beta of 1.06. The stock’s fifty day simple moving average is $37.37 and its 200 day simple moving average is $39.33.
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last posted its earnings results on Thursday, August 3rd. The software maker reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.05). Open Text had a net margin of 3.35% and a return on equity of 19.55%. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.51 billion. As a group, sell-side analysts expect that Open Text will post 4.26 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of OTEX. IFP Advisors Inc lifted its holdings in Open Text by 82.0% during the 3rd quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock worth $31,000 after buying an additional 392 shares during the last quarter. Power Corp of Canada bought a new stake in shares of Open Text in the 1st quarter worth approximately $43,000. Ridgewood Investments LLC bought a new stake in shares of Open Text in the 1st quarter worth approximately $48,000. Grayhawk Investment Strategies Inc. lifted its holdings in shares of Open Text by 1,955.1% in the 1st quarter. Grayhawk Investment Strategies Inc. now owns 1,007 shares of the software maker’s stock worth $52,000 after purchasing an additional 958 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new stake in shares of Open Text in the 2nd quarter worth approximately $52,000. Institutional investors own 64.53% of the company’s stock.
About Open Text
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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.
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