Citigroup Boosts Open Text (NASDAQ:OTEX) Price Target to $34.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective increased by equities research analysts at Citigroup from $32.00 to $34.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Citigroup’s price target indicates a potential upside of 2.47% from the stock’s current price.

OTEX has been the topic of a number of other research reports. National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a research note on Friday, August 2nd. Jefferies Financial Group cut their price target on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Barclays dropped their target price on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. National Bank Financial cut Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Finally, BMO Capital Markets dropped their price objective on Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research note on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.80.

Open Text Stock Down 1.1 %

Shares of NASDAQ OTEX traded down $0.38 during midday trading on Wednesday, reaching $33.18. The company’s stock had a trading volume of 215,191 shares, compared to its average volume of 662,062. Open Text has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The stock has a 50 day simple moving average of $31.46 and a 200-day simple moving average of $32.46. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 53.50 and a beta of 1.11. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.79 EPS. Equities research analysts predict that Open Text will post 3.23 earnings per share for the current year.

Institutional Investors Weigh In On Open Text

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its stake in Open Text by 57.7% during the fourth quarter. BNP Paribas Financial Markets now owns 11,888 shares of the software maker’s stock worth $500,000 after buying an additional 4,351 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Open Text by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 656,340 shares of the software maker’s stock worth $27,580,000 after acquiring an additional 8,603 shares in the last quarter. Assetmark Inc. bought a new position in Open Text in the fourth quarter valued at approximately $48,000. US Bancorp DE raised its position in Open Text by 733.3% during the fourth quarter. US Bancorp DE now owns 37,898 shares of the software maker’s stock valued at $1,592,000 after purchasing an additional 33,350 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in Open Text by 7.2% during the fourth quarter. Hsbc Holdings PLC now owns 612,342 shares of the software maker’s stock worth $25,732,000 after purchasing an additional 40,911 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

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.