Open Text (OTEX) Stock Rating Reaffirmed by Barclays

Open Text (NASDAQ:OTEX) (TSE:OTC)‘s stock had its “buy” rating restated by equities researchers at Barclays in a research note issued on Thursday.

Other analysts have also recently issued reports about the company. Raymond James reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Open Text in a research report on Monday, October 22nd. BidaskClub cut Open Text from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. TD Securities increased their price objective on Open Text from $40.00 to $43.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. BMO Capital Markets reaffirmed a “buy” rating and set a $40.00 price objective on shares of Open Text in a research report on Thursday. Finally, Royal Bank of Canada increased their price objective on Open Text from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. Open Text has a consensus rating of “Buy” and a consensus price target of $44.00.

Shares of NASDAQ OTEX opened at $33.16 on Thursday. The stock has a market capitalization of $8.93 billion, a P/E ratio of 36.44 and a beta of 0.27. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.70. Open Text has a 52-week low of $31.98 and a 52-week high of $40.31.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Wednesday, October 31st. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Open Text had a return on equity of 8.09% and a net margin of 8.60%. The firm had revenue of $667.20 million during the quarter, compared to analysts’ expectations of $692.53 million. During the same period in the prior year, the firm earned $0.54 EPS. The business’s revenue was up 4.1% on a year-over-year basis. As a group, research analysts forecast that Open Text will post 0.74 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in shares of Open Text by 9.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 16,269 shares of the software maker’s stock worth $573,000 after buying an additional 1,372 shares in the last quarter. Thomas White International Ltd. raised its stake in shares of Open Text by 1.6% during the 2nd quarter. Thomas White International Ltd. now owns 89,761 shares of the software maker’s stock worth $3,159,000 after buying an additional 1,442 shares in the last quarter. CLARET ASSET MANAGEMENT Corp raised its stake in shares of Open Text by 36.8% during the 3rd quarter. CLARET ASSET MANAGEMENT Corp now owns 9,475 shares of the software maker’s stock worth $360,000 after buying an additional 2,551 shares in the last quarter. Eqis Capital Management Inc. raised its stake in shares of Open Text by 20.4% during the 2nd quarter. Eqis Capital Management Inc. now owns 15,766 shares of the software maker’s stock worth $555,000 after buying an additional 2,669 shares in the last quarter. Finally, Eagle Global Advisors LLC raised its stake in shares of Open Text by 5.7% during the 2nd quarter. Eagle Global Advisors LLC now owns 50,140 shares of the software maker’s stock worth $1,764,000 after buying an additional 2,700 shares in the last quarter. 67.61% of the stock is owned by institutional investors and hedge funds.

About Open Text

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

Further Reading: Price to Earnings Ratio (PE) Basics

Analyst Recommendations for Open Text (NASDAQ:OTEX)

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