TD Securities Issues Pessimistic Forecast for Open Text (NASDAQ:OTEX) Stock Price

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price lowered by investment analysts at TD Securities from $40.00 to $38.00 in a report issued on Monday,BayStreet.CA reports. The firm presently has a “buy” rating on the software maker’s stock. TD Securities’ price target points to a potential upside of 34.23% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. BMO Capital Markets lowered their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday, November 1st. Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. UBS Group initiated coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective on the stock. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Wednesday, December 25th. Finally, 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 report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Open Text has an average rating of “Hold” and an average target price of $35.55.

Open Text Trading Up 0.6 %

Shares of Open Text stock opened at $28.31 on Monday. Open Text has a twelve month low of $27.05 and a twelve month high of $45.47. 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 business has a 50-day moving average price of $30.06 and a 200-day moving average price of $31.00. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of 16.36 and a beta of 1.11.

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

Hedge Funds Weigh In On Open Text

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. grew its stake in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares in the last quarter. Kimelman & Baird LLC bought a new stake in shares of Open Text in the second quarter valued at about $36,000. Cromwell Holdings LLC lifted its stake in Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after acquiring an additional 380 shares during the period. Essex LLC purchased a new position in Open Text during the 3rd quarter valued at about $210,000. Finally, Net Worth Advisory Group purchased a new stake in shares of Open Text in the 3rd quarter worth approximately $226,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.