Open Text (NASDAQ:OTEX) Price Target Cut to $32.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price decreased by stock analysts at Citigroup from $37.00 to $32.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Citigroup’s price target would indicate a potential upside of 7.20% from the company’s previous close.

A number of other equities analysts have also recently weighed in on OTEX. TD Securities decreased their price objective on Open Text from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Raymond James reduced their price target on Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Barclays cut their price objective on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. National Bankshares cut their price objective on Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Finally, Jefferies Financial Group cut their price objective on Open Text from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.50.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $29.85 on Wednesday. The stock has a market cap of $8.06 billion, a PE ratio of 48.15 and a beta of 1.11. Open Text has a 1-year low of $27.54 and a 1-year high of $45.47. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01. The stock’s fifty day simple moving average is $30.79 and its two-hundred day simple moving average is $36.74.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. As a group, analysts forecast that Open Text will post 3.79 EPS for the current fiscal year.

Institutional Trading of Open Text

Several hedge funds and other institutional investors have recently bought and sold shares of OTEX. Letko Brosseau & Associates Inc. lifted its holdings in shares of Open Text by 11.9% during the 4th quarter. Letko Brosseau & Associates Inc. now owns 2,863,290 shares of the software maker’s stock valued at $120,929,000 after purchasing an additional 304,677 shares during the last quarter. Norges Bank purchased a new position in shares of Open Text during the 4th quarter valued at about $139,600,000. FIL Ltd raised its stake in shares of Open Text by 25.7% during the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock valued at $380,696,000 after buying an additional 1,853,891 shares during the last quarter. Beutel Goodman & Co Ltd. raised its stake in shares of Open Text by 9.9% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock valued at $365,800,000 after buying an additional 782,885 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Open Text by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after buying an additional 154,240 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

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.