Open Text (NASDAQ:OTEX) Now Covered by Analysts at UBS Group

Research analysts at UBS Group began coverage on shares of Open Text (NASDAQ:OTEX) (TSE:OTC) in a report issued on Tuesday, Marketbeat reports. The firm set a “neutral” rating and a $32.00 price target on the software maker’s stock. UBS Group’s target price would suggest a potential upside of 16.92% from the company’s previous close.

A number of other research firms have also commented on OTEX. Scotiabank decreased their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, November 1st. BMO Capital Markets decreased their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. Barclays decreased their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. TD Securities decreased their price target on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Citigroup decreased their price target on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Nine 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $35.55.

Open Text Stock Down 4.4 %

OTEX opened at $27.37 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market cap of $7.28 billion, a P/E ratio of 15.82 and a beta of 1.11. Open Text has a 52 week low of $27.20 and a 52 week high of $45.47. The business’s fifty day simple moving average is $30.89 and its 200 day simple moving average is $31.00.

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

Institutional Investors Weigh In On Open Text

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. raised its holdings in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the period. Ridgewood Investments LLC purchased a new stake in shares of Open Text during the 2nd quarter valued at about $30,000. Kimelman & Baird LLC acquired a new stake in Open Text during the 2nd quarter valued at approximately $36,000. Cromwell Holdings LLC grew its stake in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares in the last quarter. Finally, Essex LLC acquired a new stake in Open Text during the 3rd quarter valued at approximately $210,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

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.