Citigroup Lowers Open Text (NASDAQ:OTEX) Price Target to $37.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective decreased by investment analysts at Citigroup from $42.00 to $37.00 in a research note issued on Friday, BayStreet.CA reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective would suggest a potential upside of 22.31% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. BMO Capital Markets lowered shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $50.00 to $38.00 in a research report on Friday. National Bankshares lowered their target price on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday. TD Securities raised their target price on shares of Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday, February 6th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $53.00 target price on shares of Open Text in a research report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $42.25.

Open Text Stock Performance

Shares of Open Text stock opened at $30.25 on Friday. The firm has a market capitalization of $8.25 billion, a P/E ratio of 48.79 and a beta of 1.11. Open Text has a 52 week low of $28.19 and a 52 week high of $45.47. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10. The firm’s 50 day moving average is $37.32 and its two-hundred day moving average is $38.73.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating the consensus estimate of $1.10 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.48 billion. Open Text had a net margin of 2.85% and a return on equity of 24.61%. Research analysts forecast that Open Text will post 4.14 EPS for the current fiscal year.

Institutional Trading of Open Text

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Open Text by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after acquiring an additional 154,240 shares during the period. Qube Research & Technologies Ltd acquired a new position in Open Text during the third quarter worth $2,630,000. Vontobel Holding Ltd. boosted its position in Open Text by 182.1% during the fourth quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock worth $1,563,000 after purchasing an additional 24,000 shares in the last quarter. Value Partners Investments Inc. grew its holdings in Open Text by 16.3% in the fourth quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after purchasing an additional 286,766 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Open Text by 7.1% in the third quarter. Canada Pension Plan Investment Board now owns 837,880 shares of the software maker’s stock valued at $29,543,000 after buying an additional 55,360 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.