Citigroup Lowers Open Text (NASDAQ:OTEX) Price Target to $30.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price cut by Citigroup from $33.00 to $30.00 in a research note published on Thursday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other brokerages have also commented on OTEX. TD Securities lowered their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, December 30th. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 11th. UBS Group started coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price on the stock. BMO Capital Markets lowered 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. Finally, Barclays dropped their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $35.27.

Open Text Trading Down 0.1 %

OTEX opened at $28.13 on Thursday. The firm has a market capitalization of $7.44 billion, a PE ratio of 16.26 and a beta of 1.12. Open Text has a fifty-two week low of $26.84 and a fifty-two week high of $45.47. The company’s 50-day moving average is $29.06 and its 200 day moving average is $30.86. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

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

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were paid a dividend of $0.262 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.73%. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, November 29th. Open Text’s dividend payout ratio is 60.69%.

Institutional Investors Weigh In On Open Text

Large investors have recently made changes to their positions in the business. JARISLOWSKY FRASER Ltd lifted its position in shares of Open Text by 5.1% in the 2nd 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 during the period. The Manufacturers Life Insurance Company raised its holdings in Open Text by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after buying an additional 63,620 shares during the last quarter. National Bank of Canada FI lifted its position in Open Text by 1.1% in the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock valued at $135,399,000 after acquiring an additional 46,223 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Open Text by 6.9% during the second quarter. Clearbridge Investments LLC now owns 2,954,755 shares of the software maker’s stock valued at $88,754,000 after purchasing an additional 191,271 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in Open Text by 2.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 2,932,456 shares of the software maker’s stock valued at $88,091,000 after acquiring an additional 58,561 shares during the period. 70.37% of the stock is currently owned by institutional investors.

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.