Open Text (NASDAQ:OTEX) PT Lowered to $36.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective reduced by stock analysts at CIBC from $38.50 to $36.00 in a research note issued on Friday, MarketBeat reports. The firm currently has a “neutral” rating on the software maker’s stock. CIBC’s price target suggests a potential upside of 21.25% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. BMO Capital Markets cut shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $50.00 to $38.00 in a research note on Friday, May 3rd. TD Securities lowered their price objective on shares of Open Text from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Scotiabank reaffirmed a “sector perform” rating on shares of Open Text in a research note on Friday, May 3rd. Citigroup decreased their price target on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Finally, StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, May 11th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Open Text currently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Open Text Stock Up 2.0 %

Shares of NASDAQ:OTEX opened at $29.69 on Friday. The firm has a 50 day simple moving average of $31.19 and a 200-day simple moving average of $37.00. Open Text has a twelve month low of $27.54 and a twelve month high of $45.47. The company has a market capitalization of $8.01 billion, a PE ratio of 47.89 and a beta of 1.11. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. Open Text had a net margin of 2.85% and a return on equity of 24.45%. On average, equities analysts predict that Open Text will post 3.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Open Text

A number of hedge funds have recently added to or reduced their stakes in OTEX. Mariner LLC lifted its stake in Open Text by 8.2% in the third quarter. Mariner LLC now owns 28,032 shares of the software maker’s stock valued at $984,000 after buying an additional 2,134 shares during the last quarter. Merlin Capital Inc bought a new stake in Open Text in the third quarter valued at $347,000. Qube Research & Technologies Ltd bought a new stake in Open Text in the third quarter valued at $2,630,000. Bank of Nova Scotia Trust Co. raised its stake in shares of Open Text by 5.5% during the third quarter. Bank of Nova Scotia Trust Co. now owns 12,222 shares of the software maker’s stock valued at $429,000 after purchasing an additional 634 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its stake in shares of Open Text by 247.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 29,400 shares of the software maker’s stock valued at $1,032,000 after purchasing an additional 20,949 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.