Open Text Co. (NASDAQ:OTEX) Receives $60.00 Average PT from Analysts

Shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) have received an average recommendation of “Buy” from the seven research firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $60.00.

A number of research analysts have issued reports on the stock. Raymond James boosted their target price on shares of Open Text from $59.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, August 6th. Barclays boosted their price target on shares of Open Text from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Friday, August 6th. TD Securities boosted their price target on shares of Open Text from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, August 6th. Finally, Royal Bank of Canada boosted their price target on shares of Open Text from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, August 6th.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intact Investment Management Inc. raised its holdings in shares of Open Text by 23.7% in the 2nd quarter. Intact Investment Management Inc. now owns 916,620 shares of the software maker’s stock worth $57,564,000 after purchasing an additional 175,390 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Open Text by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 377,158 shares of the software maker’s stock valued at $17,146,000 after acquiring an additional 4,238 shares during the period. Saturna Capital CORP raised its holdings in shares of Open Text by 1.6% during the second quarter. Saturna Capital CORP now owns 63,150 shares of the software maker’s stock valued at $3,208,000 after acquiring an additional 1,000 shares during the period. Altshuler Shaham Ltd raised its holdings in shares of Open Text by 13.8% during the first quarter. Altshuler Shaham Ltd now owns 1,264,497 shares of the software maker’s stock valued at $60,329,000 after acquiring an additional 153,098 shares during the period. Finally, Pendal Group Limited raised its holdings in shares of Open Text by 78.6% during the first quarter. Pendal Group Limited now owns 23,368 shares of the software maker’s stock valued at $1,114,000 after acquiring an additional 10,286 shares during the period. Institutional investors and hedge funds own 65.78% of the company’s stock.

Open Text stock traded up $0.12 during midday trading on Friday, reaching $51.70. 251,229 shares of the stock traded hands, compared to its average volume of 478,516. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.87. The firm has a fifty day moving average price of $52.64 and a two-hundred day moving average price of $50.05. The firm has a market cap of $14.05 billion, a price-to-earnings ratio of 45.75 and a beta of 0.94. Open Text has a fifty-two week low of $36.18 and a fifty-two week high of $55.25.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 5th. The software maker reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $893.53 million during the quarter, compared to analyst estimates of $843.00 million. Open Text had a net margin of 9.17% and a return on equity of 21.87%. Analysts anticipate that Open Text will post 3.4 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 24th. Investors of record on Friday, September 3rd were issued a $0.2209 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend was Thursday, September 2nd. Open Text’s payout ratio is presently 27.16%.

About Open Text

Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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