Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) had its target price cut by equities research analysts at Citigroup from $33.00 to $30.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target suggests a potential upside of 7.99% from the company’s current price.
OTEX has been the subject of several other reports. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $45.00 to $33.00 in a report on Friday, November 1st. Barclays reduced their price target on 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. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 11th. TD Securities reduced their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, December 30th. Finally, UBS Group assumed coverage on shares of Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target for the company. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $35.27.
Check Out Our Latest Analysis on OTEX
Open Text Stock Down 1.2 %
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last posted its earnings results 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 firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the company earned $0.90 EPS. The company’s revenue was down 11.0% on a year-over-year basis. Analysts forecast that Open Text will post 3.37 earnings per share for the current year.
Institutional Trading of Open Text
Several institutional investors and hedge funds have recently bought and sold shares of OTEX. JARISLOWSKY FRASER Ltd grew its position in shares of Open Text by 5.1% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after acquiring an additional 767,822 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Open Text by 1.1% in 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 purchasing an additional 63,620 shares during the period. National Bank of Canada FI increased its stake in Open Text by 1.1% during the third quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock valued at $135,399,000 after purchasing an additional 46,223 shares during the last quarter. Clearbridge Investments LLC raised its holdings in shares of Open Text by 6.9% during the second quarter. Clearbridge Investments LLC now owns 2,954,755 shares of the software maker’s stock worth $88,754,000 after purchasing an additional 191,271 shares during the period. Finally, 1832 Asset Management L.P. lifted its position in shares of Open Text by 2.0% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,932,456 shares of the software maker’s stock worth $88,091,000 after buying an additional 58,561 shares during the last quarter. Institutional investors and hedge funds 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.
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