Open Text Co. (NASDAQ:OTEX) Receives $35.55 Consensus PT from Brokerages

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) has earned a consensus rating of “Hold” from the twelve research firms that are currently covering the company, Marketbeat Ratings reports. Nine research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $35.55.

Several brokerages have weighed in on OTEX. TD Securities dropped their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, December 30th. BMO Capital Markets lowered their price objective 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. Scotiabank cut their price objective on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Citigroup decreased their target price on shares of 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 raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Friday.

Hedge Funds Weigh In On Open Text

Several large investors have recently modified their holdings of the business. AustralianSuper Pty Ltd bought a new position in Open Text during the 3rd quarter worth $8,011,000. The Manufacturers Life Insurance Company raised its holdings in Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after purchasing an additional 63,620 shares during the last quarter. Natixis Advisors LLC acquired a new position in shares of Open Text in the 3rd quarter worth approximately $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Open Text by 126.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock valued at $2,871,000 after purchasing an additional 48,111 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Open Text during the third quarter worth $2,232,000. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Up 1.1 %

Shares of NASDAQ:OTEX opened at $28.57 on Wednesday. The stock has a market cap of $7.56 billion, a PE ratio of 16.51 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. Open Text has a 12-month low of $27.05 and a 12-month high of $45.47. The business has a 50 day moving average of $29.57 and a 200-day moving average of $30.95.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued 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. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the firm posted $0.90 EPS. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. As a group, equities research analysts forecast that Open Text will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were issued a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date was Friday, November 29th. This is a positive change from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio (DPR) is 60.69%.

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.