Open Text (NASDAQ:OTEX) Rating Increased to Strong-Buy at StockNews.com

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by investment analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Friday.

A number of other brokerages have also commented on OTEX. TD Securities dropped their price target on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, December 30th. Barclays reduced their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. BMO Capital Markets lowered their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $45.00 to $33.00 in a research report on Friday, November 1st. Finally, UBS Group assumed coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Open Text presently has an average rating of “Hold” and an average target price of $35.55.

Open Text Stock Performance

NASDAQ OTEX opened at $28.57 on Friday. The company has a fifty day moving average price of $29.57 and a 200-day moving average price of $30.95. The firm has a market cap of $7.56 billion, a price-to-earnings ratio of 16.51 and a beta of 1.12. 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 1 year low of $27.05 and a 1 year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued 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. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the firm posted $0.90 EPS. The firm’s quarterly revenue was down 11.0% compared to the same quarter last year. As a group, equities research analysts predict that Open Text will post 3.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Open Text

Hedge funds have recently bought and sold shares of the company. AustralianSuper Pty Ltd bought a new position in Open Text in the 3rd quarter valued at $8,011,000. The Manufacturers Life Insurance Company grew its position in Open Text by 1.1% during the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after buying an additional 63,620 shares in the last quarter. Natixis Advisors LLC purchased a new stake in shares of Open Text in the 3rd quarter valued at about $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Open Text by 126.1% during 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 acquiring an additional 48,111 shares during the last quarter. Finally, Stifel Financial Corp purchased a new position in shares of Open Text during the third quarter worth about $2,232,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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.