Scotiabank Lowers Open Text (NASDAQ:OTEX) Price Target to $35.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price dropped by analysts at Scotiabank from $40.00 to $35.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price objective suggests a potential upside of 18.76% from the stock’s current price.

A number of other research firms also recently weighed in on OTEX. Barclays cut their target price on Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. BMO Capital Markets reduced their price objective on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a research report on Friday, August 2nd. CIBC reduced their target price on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, July 19th. Jefferies Financial Group dropped their price target on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, 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 report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus price target of $36.50.

Open Text Stock Performance

NASDAQ OTEX traded down $0.53 during trading hours on Friday, hitting $29.47. The company had a trading volume of 454,377 shares, compared to its average volume of 630,964. The business has a fifty day simple moving average of $32.80 and a 200-day simple moving average of $31.62. The firm has a market cap of $7.83 billion, a P/E ratio of 17.20 and a beta of 1.12. 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 has a fifty-two week low of $27.50 and a fifty-two week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company’s revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.79 earnings per share. Equities analysts predict that Open Text will post 3.23 EPS for the current year.

Hedge Funds Weigh In On Open Text

A number of institutional investors have recently made changes to their positions in OTEX. Headlands Technologies LLC bought a new position in Open Text in the 1st quarter worth approximately $32,000. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the period. Ridgewood Investments LLC acquired a new stake in Open Text during the second quarter worth about $30,000. Kimelman & Baird LLC bought a new stake in shares of Open Text in the 2nd quarter worth approximately $36,000. Finally, Cromwell Holdings LLC raised its stake in shares of Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares in the last quarter. 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.