Raymond James set a $48.00 target price on Open Text (NASDAQ:OTEX) (TSE:OTC) in a research report report published on Friday morning, BayStreet.CA reports. The firm currently has an outperform rating on the software maker’s stock.
OTEX has been the subject of a number of other research reports. TD Securities increased their target price on shares of Open Text from $45.00 to $48.00 and gave the stock a buy rating in a research report on Friday. Benchmark restated a buy rating and issued a $48.00 price objective (up from $42.00) on shares of Open Text in a research report on Thursday, July 11th. Zacks Investment Research lowered shares of Open Text from a buy rating to a hold rating in a research report on Friday. BidaskClub upgraded shares of Open Text from a sell rating to a hold rating in a research report on Friday, May 3rd. Finally, CIBC restated a buy rating and issued a $53.00 price objective on shares of Open Text in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $47.33.
NASDAQ:OTEX traded down $0.70 on Friday, reaching $38.06. 25,133 shares of the company’s stock were exchanged, compared to its average volume of 596,141. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market capitalization of $10.36 billion, a price-to-earnings ratio of 35.90 and a beta of 0.53. Open Text has a 52 week low of $30.99 and a 52 week high of $44.49. The company has a fifty day moving average of $42.17.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.10). The business had revenue of $747.20 million for the quarter, compared to the consensus estimate of $763.51 million. Open Text had a return on equity of 7.55% and a net margin of 9.95%. Open Text’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 EPS. On average, equities analysts predict that Open Text will post 1.59 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be paid a $0.175 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, August 29th. Open Text’s dividend payout ratio (DPR) is currently 66.04%.
Several hedge funds and other institutional investors have recently modified their holdings of OTEX. Henry James International Management Inc. boosted its holdings in Open Text by 44.8% in the first quarter. Henry James International Management Inc. now owns 135,282 shares of the software maker’s stock valued at $5,199,000 after acquiring an additional 41,885 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Open Text by 34.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 189,821 shares of the software maker’s stock valued at $6,188,000 after acquiring an additional 49,149 shares in the last quarter. Northern Trust Corp boosted its holdings in Open Text by 2.9% in the fourth quarter. Northern Trust Corp now owns 199,724 shares of the software maker’s stock valued at $6,511,000 after acquiring an additional 5,634 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Open Text by 3.5% during the 4th quarter. Legal & General Group Plc now owns 324,544 shares of the software maker’s stock valued at $10,574,000 after buying an additional 10,990 shares in the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in shares of Open Text by 15.3% during the 1st quarter. Parametric Portfolio Associates LLC now owns 284,036 shares of the software maker’s stock valued at $10,916,000 after buying an additional 37,662 shares in the last quarter. 67.33% of the stock is currently owned by institutional investors.
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.
Featured Article: What does cost of debt say about a company’s financial health?
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.