Open Text (NASDAQ:OTEX) Price Target Raised to $36.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price increased by equities researchers at Barclays from $34.00 to $36.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price indicates a potential upside of 29.22% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Royal Bank of Canada reduced their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday. Citigroup increased their target price on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday. UBS Group started coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price for the company. TD Securities dropped their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday. Finally, BMO Capital Markets dropped their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” 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 assigned a buy rating to the stock. According to MarketBeat, Open Text has a consensus rating of “Hold” and a consensus target price of $35.45.

Open Text Stock Performance

NASDAQ OTEX traded down $1.67 during trading hours on Friday, hitting $27.86. The company had a trading volume of 1,545,806 shares, compared to its average volume of 627,684. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. Open Text has a 1-year low of $26.84 and a 1-year high of $42.17. The company has a market cap of $7.35 billion, a PE ratio of 16.10 and a beta of 1.12. The business has a 50 day moving average of $28.90 and a 200-day moving average of $30.64.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 8.35% and a return on equity of 24.34%. As a group, equities research analysts expect that Open Text will post 3.37 EPS for the current year.

Hedge Funds Weigh In On Open Text

A number of hedge funds have recently made changes to their positions in the business. IFP Advisors Inc increased its stake in Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after buying an additional 515 shares during the period. Blue Trust Inc. increased its stake in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after buying an additional 793 shares during the period. Cromwell Holdings LLC increased its stake in Open Text by 29.6% during 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 period. Allworth Financial LP increased its stake in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares during the period. Finally, Plato Investment Management Ltd purchased a new stake in Open Text during the 4th quarter worth $138,000. Hedge funds and other institutional investors 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.