Open Text (NASDAQ:OTEX) Given New $35.00 Price Target at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by TD Securities from $38.00 to $35.00 in a research note released on Sunday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other analysts also recently commented on the company. BMO Capital Markets dropped 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. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Barclays lifted their price objective on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Scotiabank cut their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Finally, Citigroup lifted their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Nine 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, the stock has a consensus rating of “Hold” and a consensus target price of $35.18.

Open Text Stock Performance

OTEX stock opened at $28.66 on Friday. The company has a market capitalization of $7.56 billion, a P/E ratio of 11.65 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. The company has a 50-day simple moving average of $28.82 and a 200 day simple moving average of $30.60. Open Text has a fifty-two week low of $26.84 and a fifty-two week high of $41.96.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. Sell-side analysts predict that Open Text will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 3.66%. The ex-dividend date is Friday, March 7th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is currently 42.68%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. AustralianSuper Pty Ltd bought a new position in shares of Open Text during the 3rd quarter valued at $8,011,000. The Manufacturers Life Insurance Company raised its stake in shares of Open Text by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after acquiring an additional 63,620 shares in the last quarter. Natixis Advisors LLC acquired a new stake in shares of Open Text in the third quarter worth $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Open Text by 126.1% during the third 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 period. Finally, Stifel Financial Corp bought a new stake in Open Text during the 3rd quarter valued at approximately $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.