Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday.
Other equities analysts also recently issued research reports about the company. Citigroup lifted their price objective on Open Text from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, February 6th. TheStreet upgraded Open Text from a “c+” rating to a “b-” rating in a research report on Wednesday, March 29th. Finally, Barclays initiated coverage on Open Text in a research report on Wednesday, March 22nd. They issued an “equal weight” rating for the company. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Open Text has an average rating of “Moderate Buy” and an average price target of $44.71.
Open Text Price Performance
Shares of OTEX stock opened at $37.64 on Tuesday. The stock’s fifty day simple moving average is $36.71 and its 200 day simple moving average is $32.33. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.31 and a quick ratio of 2.31. The firm has a market cap of $10.18 billion, a price-to-earnings ratio of 31.63 and a beta of 1.06. Open Text has a one year low of $24.91 and a one year high of $41.85.
Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 2nd. The software maker reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. The business had revenue of $897.44 million for the quarter, compared to analyst estimates of $884.00 million. Open Text had a return on equity of 19.33% and a net margin of 9.01%. On average, analysts expect that Open Text will post 2.86 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Open Text
A number of institutional investors and hedge funds have recently made changes to their positions in OTEX. Rockefeller Capital Management L.P. raised its position in shares of Open Text by 215.5% during the third quarter. Rockefeller Capital Management L.P. now owns 959 shares of the software maker’s stock worth $25,000 after acquiring an additional 655 shares during the last quarter. Larson Financial Group LLC acquired a new stake in shares of Open Text during the third quarter worth $27,000. Glassman Wealth Services grew its stake in shares of Open Text by 133.3% during the fourth quarter. Glassman Wealth Services now owns 968 shares of the software maker’s stock worth $29,000 after purchasing an additional 553 shares during the period. Power Corp of Canada acquired a new stake in shares of Open Text during the first quarter worth $43,000. Finally, Group One Trading L.P. grew its stake in shares of Open Text by 163.5% during the third quarter. Group One Trading L.P. now owns 2,302 shares of the software maker’s stock worth $61,000 after purchasing an additional 5,926 shares during the period. Institutional investors own 63.93% of the company’s stock.
Open Text Company Profile
Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.