Open Text Co. (NASDAQ:OTEX) Given Average Rating of “Hold” by Analysts

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have earned an average rating of “Hold” from the twelve brokerages that are currently covering the firm, Marketbeat Ratings reports. Nine analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $35.18.

OTEX has been the topic of several research analyst reports. Barclays upped their target price on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. BMO Capital Markets cut their target price on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Citigroup upped their target price on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Scotiabank cut their target price on 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. Finally, StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th.

Open Text Trading Up 0.3 %

NASDAQ OTEX opened at $26.91 on Thursday. The business’s 50-day moving average price is $28.31 and its two-hundred day moving average price is $30.44. Open Text has a 12 month low of $26.59 and a 12 month high of $40.55. The firm has a market capitalization of $7.10 billion, a PE ratio of 10.94 and a beta of 1.12. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, analysts expect that Open Text will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a $0.2625 dividend. The ex-dividend date is Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 3.90%. Open Text’s dividend payout ratio is 42.68%.

Institutional Trading of Open Text

Several institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. raised its stake in shares of 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 raised its stake in shares of Open Text by 3.3% in the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after purchasing an additional 351 shares during the last quarter. 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 worth $55,000 after purchasing an additional 380 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after purchasing an additional 398 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after purchasing an additional 439 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other 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.