Citigroup Lowers Open Text (NASDAQ:OTEX) Price Target to $33.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective lowered by Citigroup from $34.00 to $33.00 in a report issued on Friday, BayStreet.CA reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other equities research analysts have also recently weighed in on the stock. Scotiabank dropped their price target 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. Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $45.00 to $33.00 in a research report on Friday. National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. Barclays dropped 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. Finally, National Bankshares cut shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.90.

Open Text Trading Down 3.4 %

OTEX traded down $1.02 during trading on Friday, hitting $28.98. 1,397,525 shares of the stock traded hands, compared to its average volume of 635,531. The firm has a market capitalization of $7.70 billion, a P/E ratio of 16.95 and a beta of 1.12. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a 50-day moving average of $32.73 and a 200 day moving average of $31.58. Open Text has a 12-month low of $27.50 and a 12-month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $1.36 billion during 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 firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.79 EPS. Equities research analysts anticipate that Open Text will post 3.23 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.262 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio (DPR) is currently 61.40%.

Institutional Trading of Open Text

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in shares of Open Text in the first quarter worth approximately $32,000. Blue Trust Inc. grew its position in Open Text by 435.7% during 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 bought a new stake in Open Text during the second quarter valued at approximately $30,000. Kimelman & Baird LLC bought a new stake in Open Text during the second quarter valued at approximately $36,000. Finally, Cromwell Holdings LLC grew its position in Open Text by 29.6% during the third 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 period. 70.37% of the stock is currently owned by institutional investors.

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.