BMO Capital Markets lowered shares of Open Text (NASDAQ:OTEX – Free Report) (TSE:OTC) from an outperform rating to a market perform rating in a research note published on Friday, Marketbeat.com reports. They currently have $38.00 price target on the software maker’s stock, down from their previous price target of $50.00.
OTEX has been the subject of several other reports. StockNews.com raised Open Text from a hold rating to a buy rating in a research note on Tuesday, February 6th. Royal Bank of Canada reaffirmed an outperform rating and set a $53.00 price objective on shares of Open Text in a report on Friday, February 2nd. Jefferies Financial Group began coverage on shares of Open Text in a research note on Tuesday, February 27th. They set a buy rating and a $45.00 target price for the company. CIBC upped their price target on shares of Open Text from $42.00 to $44.00 and gave the stock a neutral rating in a research report on Thursday, January 11th. Finally, TD Securities lifted their price objective on Open Text from $53.00 to $54.00 and gave the stock a buy rating in a report on Friday, February 2nd. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $42.25.
Open Text Trading Down 0.1 %
Open Text Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors 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 of this dividend is Friday, May 31st. This is a boost from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio (DPR) is currently 161.29%.
Hedge Funds Weigh In On Open Text
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Forsta AP Fonden boosted its position in shares of Open Text by 10.4% during the 3rd quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock valued at $2,623,000 after acquiring an additional 7,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Open Text by 13.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,885 shares of the software maker’s stock valued at $11,420,000 after purchasing an additional 38,366 shares during the last quarter. Inspire Investing LLC increased its stake in Open Text by 23.4% during the third quarter. Inspire Investing LLC now owns 17,568 shares of the software maker’s stock worth $617,000 after acquiring an additional 3,328 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Open Text by 5.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker’s stock valued at $4,164,000 after buying an additional 6,412 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in Open Text by 0.6% in the third quarter. CIBC Asset Management Inc now owns 814,407 shares of the software maker’s stock valued at $28,671,000 after purchasing an additional 5,037 shares during the period. 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.
Further Reading
- Five stocks we like better than Open Text
- What Does a Stock Split Mean?
- 3 CEO-Led Turnaround Stocks You Can Still Buy
- The 3 Best Fintech Stocks to Buy Now
- 3 Value Stocks You Can Buy Before They Become Big
- What Are Dividend Contenders? Investing in Dividend Contenders
- Chinese Stocks Stage Impressive Rebound
Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.