Open Text (NASDAQ:OTEX) Given New $32.00 Price Target at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective boosted by equities researchers at Citigroup from $30.00 to $32.00 in a research note issued on Friday,BayStreet.CA reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target indicates a potential upside of 14.39% from the company’s previous close.

OTEX has been the subject of several other research reports. Scotiabank lowered their price objective on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. TD Securities cut their price target on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday. BMO Capital Markets lowered their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Barclays decreased their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Finally, Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Open Text presently has an average rating of “Hold” and a consensus target price of $35.27.

Open Text Price Performance

Shares of OTEX traded down $1.56 during mid-day trading on Friday, hitting $27.98. 1,015,689 shares of the company traded hands, compared to its average volume of 605,493. The business has a 50-day moving average of $28.90 and a 200 day moving average of $30.64. Open Text has a one year low of $26.84 and a one year high of $42.17. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 16.15 and a beta of 1.12.

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

Hedge Funds Weigh In On Open Text

Large investors have recently modified their holdings of the business. IFP Advisors Inc lifted its stake in Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after purchasing an additional 515 shares during the last quarter. Blue Trust Inc. lifted its position in Open Text by 435.7% in 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 last quarter. Cromwell Holdings LLC boosted its stake in 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 buying an additional 380 shares in the last quarter. Allworth Financial LP grew its position in Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after acquiring an additional 439 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new position in shares of Open Text during the fourth quarter worth approximately $138,000. Hedge funds and other institutional investors 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.