Open Text Co. (NASDAQ:OTEX – Get Free Report) TSE: OTC’s share price reached a new 52-week low during trading on Monday after Jefferies Financial Group lowered their price target on the stock from $42.00 to $35.00. Jefferies Financial Group currently has a buy rating on the stock. Open Text traded as low as $27.50 and last traded at $28.81, with a volume of 242532 shares. The stock had previously closed at $28.49.
Several other research analysts have also recently weighed in on OTEX. CIBC reduced their price target on Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. Barclays cut their price objective on Open Text from $44.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. TD Securities dropped their price target on Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. StockNews.com raised Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, May 11th. Finally, Raymond James decreased their price target on Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $38.80.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. Letko Brosseau & Associates Inc. lifted its position in Open Text by 11.9% during the 4th quarter. Letko Brosseau & Associates Inc. now owns 2,863,290 shares of the software maker’s stock worth $120,929,000 after acquiring an additional 304,677 shares during the period. Vanguard Group Inc. boosted its holdings in Open Text by 1.3% in the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after acquiring an additional 135,812 shares during the last quarter. Norges Bank acquired a new position in Open Text in the fourth quarter valued at $139,600,000. Forge First Asset Management Inc. acquired a new position in shares of Open Text during the first quarter worth about $2,305,000. Finally, FIL Ltd increased its position in shares of Open Text by 25.7% during the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after acquiring an additional 1,853,891 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.
Open Text Stock Performance
The firm has a market capitalization of $7.70 billion, a PE ratio of 46.03 and a beta of 1.12. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a 50-day moving average price of $30.01 and a 200-day moving average price of $34.78.
Open Text (NASDAQ:OTEX – Get Free Report) TSE: OTC last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.22% and a net margin of 8.06%. Open Text’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.79 earnings per share. On average, research analysts expect that Open Text Co. will post 3.18 EPS for the current fiscal year.
Open Text Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.192 dividend. This represents a $0.77 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Friday, August 30th. Open Text’s dividend payout ratio is currently 122.58%.
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.