CIBC Lowers Open Text (NASDAQ:OTEX) Price Target to $38.50

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target reduced by CIBC from $44.00 to $38.50 in a research report sent to investors on Friday, BayStreet.CA reports. CIBC currently has a neutral rating on the software maker’s stock.

A number of other brokerages have also weighed in on OTEX. TD Securities cut their price objective on Open Text from $54.00 to $40.00 and set a buy rating on the stock in a research report on Friday. BMO Capital Markets lowered shares of Open Text from an outperform rating to a market perform rating and decreased their price objective for the stock from $50.00 to $38.00 in a report on Friday. StockNews.com raised shares of Open Text from a hold rating to a buy rating in a research report on Tuesday, February 6th. Citigroup decreased their price target on shares of Open Text from $42.00 to $37.00 and set a neutral rating for the company in a research note on Friday. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $53.00 price objective on shares of Open Text in a research report on Friday, February 2nd. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $42.25.

Open Text Trading Down 0.1 %

Shares of OTEX traded down $0.03 during trading hours on Friday, hitting $30.22. The company had a trading volume of 1,477,069 shares, compared to its average volume of 652,609. The stock’s 50 day moving average price is $37.32 and its 200 day moving average price is $38.77. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. Open Text has a 52-week low of $28.19 and a 52-week high of $45.47. The firm has a market cap of $8.25 billion, a P/E ratio of 48.63 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. The company had revenue of $1.53 billion during 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 24.45%. On average, research analysts predict that Open Text will post 4.14 EPS for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be paid a $0.435 dividend. This is a boost from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.76%. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s dividend payout ratio is currently 161.29%.

Hedge Funds Weigh In On Open Text

Several large investors have recently modified their holdings of the stock. Optiver Holding B.V. purchased a new stake in Open Text during the 4th quarter valued at about $27,000. Pacifica Partners Inc. bought a new position in shares of Open Text in the fourth quarter worth approximately $32,000. Allworth Financial LP grew its holdings in shares of Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares during the last quarter. Assetmark Inc. bought a new stake in shares of Open Text during the fourth quarter valued at approximately $48,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Open Text by 18.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock worth $92,000 after acquiring an additional 334 shares during the last quarter. Hedge funds and other institutional investors 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.