Jefferies Financial Group Cuts Open Text (NASDAQ:OTEX) Price Target to $42.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by Jefferies Financial Group from $45.00 to $42.00 in a research report released on Friday, BayStreet.CA reports. Jefferies Financial Group currently has a buy rating on the software maker’s stock.

Several other equities research analysts have also recently weighed in on the stock. TD Securities lowered their price target on shares of Open Text from $54.00 to $40.00 and set a buy rating for the company in a research report on Friday. National Bankshares dropped their target price on Open Text from $60.00 to $50.00 and set an outperform rating on the stock in a research report on Friday. StockNews.com upgraded Open Text from a hold rating to a buy rating in a report on Tuesday, February 6th. Citigroup decreased their price objective on Open Text from $42.00 to $37.00 and set a neutral rating for the company in a research note on Friday. Finally, Barclays cut their target price on Open Text from $44.00 to $38.00 and set an equal weight rating on the stock in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $42.25.

Open Text Stock Down 0.1 %

Shares of OTEX stock traded down $0.03 during mid-day trading on Friday, hitting $30.22. The stock had a trading volume of 1,477,069 shares, compared to its average volume of 652,609. The firm has a market capitalization of $8.25 billion, a P/E ratio of 48.63 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. Open Text has a 12-month low of $28.19 and a 12-month high of $45.47. The firm’s 50-day moving average is $37.32 and its two-hundred day moving average is $38.77.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data 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, analysts predict that Open Text will post 4.14 earnings per share for the current fiscal year.

Open Text Increases Dividend

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

Institutional Investors Weigh In On Open Text

Several hedge funds have recently bought and sold shares of OTEX. Optiver Holding B.V. acquired a new position in shares of Open Text in the fourth quarter worth about $27,000. Pacifica Partners Inc. acquired a new position in shares of Open Text during the 4th quarter worth approximately $32,000. Allworth Financial LP lifted its position in shares of Open Text by 125.7% during the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares in the last quarter. Assetmark Inc. acquired a new stake in shares of Open Text in the fourth quarter valued at about $48,000. Finally, EverSource Wealth Advisors LLC lifted its stake 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 valued at $92,000 after buying an additional 334 shares in the last quarter. 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.