Open Text (NASDAQ:OTEX) Price Target Lowered to $34.00 at Barclays

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price decreased by equities researchers at Barclays from $36.00 to $34.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price would suggest a potential upside of 16.60% from the company’s current price.

A number of other research firms also recently commented on OTEX. Scotiabank dropped their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday. National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a research report on Friday, August 2nd. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $45.00 to $33.00 in a report on Friday. Jefferies Financial Group cut their price target on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, CIBC reduced their price objective on Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, July 19th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $36.20.

Open Text Stock Down 2.8 %

Open Text stock traded down $0.84 during midday trading on Friday, reaching $29.16. The company’s stock had a trading volume of 605,544 shares, compared to its average volume of 631,795. The business has a 50-day simple moving average of $32.80 and a 200-day simple moving average of $31.62. The company has a market cap of $7.74 billion, a P/E ratio of 17.05 and a beta of 1.12. Open Text has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51.

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

Institutional Trading of Open Text

Several hedge funds have recently made changes to their positions in OTEX. JARISLOWSKY FRASER Ltd raised its holdings in Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after purchasing an additional 767,822 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Open Text by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after buying an additional 135,812 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Open Text by 25.1% in the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after buying an additional 1,118,479 shares in the last quarter. Cooke & Bieler LP grew its holdings in Open Text by 18.6% during the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock worth $166,325,000 after acquiring an additional 867,978 shares during the period. Finally, National Bank of Canada FI raised its position in Open Text by 17.5% in the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after acquiring an additional 599,790 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.