Open Text Co. (NASDAQ:OTEX) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $46.25.

Several brokerages have weighed in on OTEX. Citigroup lowered their target price on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. BMO Capital Markets upped their target price on shares of Open Text from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. CIBC upped their target price on shares of Open Text from $42.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. TD Securities upped their target price on shares of Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $53.00 target price on shares of Open Text in a research report on Friday, February 2nd.

Institutional Trading of Open Text

Several large investors have recently modified their holdings of OTEX. Optiver Holding B.V. acquired a new stake in shares of Open Text in the fourth quarter valued at approximately $27,000. IFP Advisors Inc boosted its position in Open Text by 82.0% during the third quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock worth $31,000 after acquiring an additional 392 shares during the last quarter. Pacifica Partners Inc. acquired a new stake in Open Text during the fourth quarter worth approximately $32,000. Allworth Financial LP boosted its position in Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after acquiring an additional 533 shares during the last quarter. Finally, Impact Partnership Wealth LLC acquired a new stake in Open Text during the third quarter worth approximately $37,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Trading Down 0.5 %

NASDAQ OTEX opened at $35.31 on Friday. The stock has a market capitalization of $9.62 billion, a P/E ratio of 75.13 and a beta of 1.09. Open Text has a 52-week low of $32.04 and a 52-week high of $45.47. The firm has a 50-day moving average price of $37.60 and a 200 day moving average price of $38.78. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.01. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. Equities research analysts expect that Open Text will post 4.14 EPS for the current year.

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.