Open Text (NASDAQ:OTEX) Upgraded by StockNews.com to “Strong-Buy” Rating

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Friday.

Other research analysts also recently issued reports about the company. Barclays cut their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. TD Securities reduced their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday. Citigroup lowered their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Scotiabank dropped their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. Finally, BMO Capital Markets decreased their price target 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 research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $35.55.

Open Text Stock Performance

Shares of Open Text stock traded up $0.32 on Friday, hitting $28.57. 457,264 shares of the company’s stock were exchanged, compared to its average volume of 543,982. Open Text has a 1 year low of $27.05 and a 1 year high of $45.47. The company has a 50-day simple moving average of $29.57 and a 200-day simple moving average of $30.95. 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 stock has a market capitalization of $7.56 billion, a PE ratio of 16.51 and a beta of 1.12.

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

Institutional Trading of Open Text

Several hedge funds have recently modified their holdings of OTEX. Assenagon Asset Management S.A. increased its position in Open Text by 1.7% in the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock worth $629,000 after purchasing an additional 322 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Open Text by 3.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after buying an additional 351 shares in the last quarter. Cromwell Holdings LLC increased its holdings 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. Blue Trust Inc. raised its position in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Open Text by 5.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock valued at $524,000 after acquiring an additional 874 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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.