Analysts Set Open Text Co. (NASDAQ:OTEX) PT at $35.18

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) has earned an average recommendation of “Hold” from the twelve research firms that are covering the company, Marketbeat.com reports. Nine analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $35.18.

Several equities analysts have commented on OTEX shares. Citigroup increased their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. TD Securities lowered their price objective on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Sunday, February 9th. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Barclays increased their price objective on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Finally, Royal Bank of Canada lowered their price objective on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $26.31 on Monday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a fifty day moving average price of $27.56 and a 200 day moving average price of $29.76. Open Text has a fifty-two week low of $24.86 and a fifty-two week high of $40.55. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of 10.70 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. As a group, sell-side analysts expect that Open Text will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.99%. 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 (DPR) is 42.68%.

Institutional Investors Weigh In On Open Text

Several institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in Open Text in the 4th quarter worth about $93,216,000. Arrowstreet Capital Limited Partnership increased its stake in Open Text by 75.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock worth $169,555,000 after buying an additional 2,586,549 shares during the period. JARISLOWSKY FRASER Ltd increased its stake in Open Text by 11.8% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock worth $522,879,000 after buying an additional 1,957,695 shares during the period. Criteria Caixa S.A.U. purchased a new position in Open Text in the 4th quarter worth about $32,890,000. Finally, Brandes Investment Partners LP increased its stake in Open Text by 29.2% in the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after buying an additional 1,017,065 shares during the period. 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.