Open Text (NASDAQ:OTEX) Downgraded to Buy Rating by StockNews.com

StockNews.com cut shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a strong-buy rating to a buy rating in a research report sent to investors on Monday morning.

Other analysts have also recently issued reports about the company. Barclays decreased their target price on 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. UBS Group started coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price on the stock. Citigroup decreased their price target on shares of Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. BMO Capital Markets reduced their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. Finally, TD Securities lowered 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. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.27.

Open Text Stock Down 0.7 %

OTEX stock opened at $29.23 on Monday. The stock has a market cap of $7.71 billion, a P/E ratio of 16.90 and a beta of 1.12. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. Open Text has a twelve month low of $26.84 and a twelve month high of $45.47. The company’s 50 day moving average is $28.94 and its two-hundred day moving average is $30.70.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. Open Text’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. Research analysts expect that Open Text will post 3.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Open Text

A number of hedge funds and other institutional investors have recently modified their holdings of OTEX. AustralianSuper Pty Ltd purchased a new position in Open Text in the 3rd quarter valued at approximately $8,011,000. The Manufacturers Life Insurance Company boosted its position 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 worth $187,952,000 after buying an additional 63,620 shares in the last quarter. Natixis Advisors LLC acquired a new stake in Open Text in the 3rd quarter valued at about $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in 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 in the last quarter. Finally, Stifel Financial Corp acquired a new position in Open Text during the third quarter worth about $2,232,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.