TD Securities Cuts Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by research analysts at TD Securities from $40.00 to $38.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The firm presently has a “buy” rating on the software maker’s stock. TD Securities’ target price points to a potential upside of 35.67% from the stock’s current price.

OTEX has been the topic of a number of other research reports. Barclays cut their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Scotiabank cut their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $45.00 to $33.00 in a report on Friday, November 1st. Citigroup cut their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 17th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Open Text presently has an average rating of “Hold” and an average price target of $35.55.

Open Text Trading Up 0.2 %

NASDAQ OTEX opened at $28.01 on Tuesday. The stock has a market capitalization of $7.45 billion, a P/E ratio of 16.19 and a beta of 1.11. The business has a 50 day simple moving average of $30.41 and a 200 day simple moving average of $31.01. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. Open Text has a one year low of $27.05 and a one year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the firm posted $0.90 EPS. The company’s quarterly revenue was down 11.0% on a year-over-year basis. Research analysts expect that Open Text will post 3.37 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

Several hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. increased its position in shares of Open Text by 1.7% during the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock valued at $629,000 after acquiring an additional 322 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Open Text by 3.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after purchasing an additional 351 shares during the period. Cromwell Holdings LLC increased its position in shares of 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 during the last quarter. Blue Trust Inc. raised its stake 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 worth $32,000 after purchasing an additional 793 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Open Text by 5.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after buying an additional 874 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.