TD Securities Lowers Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target reduced by stock analysts at TD Securities from $40.00 to $38.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has a “buy” rating on the software maker’s stock. TD Securities’ price target would suggest a potential upside of 35.67% from the stock’s current price.

A number of other analysts have also commented on the company. StockNews.com raised Open Text from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. Citigroup lowered their price target on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Scotiabank decreased 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, November 1st. UBS Group started coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. Finally, BMO Capital Markets decreased their price objective on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $35.55.

Open Text Price Performance

NASDAQ:OTEX traded up $0.05 during trading hours on Tuesday, hitting $28.01. The company’s stock had a trading volume of 221,816 shares, compared to its average volume of 651,328. Open Text has a 52-week low of $27.05 and a 52-week high of $45.47. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $7.45 billion, a PE ratio of 16.19 and a beta of 1.11. The business’s 50-day moving average is $30.52 and its two-hundred day moving average is $31.01.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OTEX. Blue Trust Inc. lifted its position in shares of Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares during the last quarter. Ridgewood Investments LLC bought a new stake in Open Text during the second quarter valued at $30,000. Kimelman & Baird LLC acquired a new stake in shares of Open Text during the second quarter worth $36,000. Cromwell Holdings LLC lifted its position in shares of Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares during the last quarter. Finally, Essex LLC acquired a new position in shares of Open Text in the 3rd quarter valued at about $210,000. 70.37% of the stock is 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.