TD Securities Cuts Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective dropped by equities researchers at TD Securities from $40.00 to $38.00 in a report issued on Monday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the software maker’s stock. TD Securities’ target price points to a potential upside of 31.39% from the company’s previous close.

OTEX has been the topic of a number of other reports. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Scotiabank lowered 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. Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. BMO Capital Markets dropped their price objective on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. Finally, UBS Group initiated coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price on the stock. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $35.27.

Open Text Price Performance

Open Text stock traded down $0.52 during midday trading on Monday, reaching $28.92. 404,237 shares of the company were exchanged, compared to its average volume of 550,841. Open Text has a 1 year low of $26.84 and a 1 year high of $43.13. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of 16.71 and a beta of 1.12. The firm’s 50-day simple moving average is $28.96 and its 200-day simple moving average is $30.68. 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 (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly 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. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. Open Text’s revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 EPS. On average, analysts anticipate that Open Text will post 3.37 EPS for the current year.

Institutional Trading of Open Text

Several institutional investors and hedge funds have recently bought and sold shares of OTEX. Assenagon Asset Management S.A. raised its position in shares of Open Text by 1.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock valued at $629,000 after acquiring an additional 322 shares in the last quarter. BNP Paribas Financial Markets lifted its position 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 during the last quarter. Cromwell Holdings LLC grew its position in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares during the last quarter. Blue Trust Inc. lifted its holdings in 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 acquiring an additional 398 shares during the last quarter. Finally, Allworth Financial LP boosted its position in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.