Open Text (NASDAQ:OTEX) Given New $37.00 Price Target at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by Citigroup from $42.00 to $37.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. The firm currently has a neutral rating on the software maker’s stock.

Other research analysts also recently issued research reports about the company. 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. TD Securities upped their price target on Open Text from $53.00 to $54.00 and gave the company a buy rating in a research note on Friday, February 2nd. Jefferies Financial Group assumed coverage on Open Text in a research report on Tuesday, February 27th. They issued a buy rating and a $45.00 price objective for the company. National Bankshares cut their target price on shares of Open Text from $60.00 to $50.00 and set an outperform rating on the stock in a research report on Friday. Finally, Barclays lowered their price target on shares of Open Text from $44.00 to $38.00 and set an equal weight rating for the company in a research report on Friday. Six research analysts have rated the stock with a hold rating and five have issued 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 Price Performance

NASDAQ OTEX traded down $5.22 on Friday, hitting $30.25. 3,706,318 shares of the company were exchanged, compared to its average volume of 728,893. Open Text has a 1-year low of $28.19 and a 1-year high of $45.47. The firm has a 50 day moving average of $37.32 and a two-hundred day moving average of $38.70. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.10. The company has a market cap of $8.25 billion, a P/E ratio of 48.79 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. Open Text had a net margin of 2.85% and a return on equity of 24.61%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.48 billion. On average, equities analysts predict that Open Text will post 4.14 EPS for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be paid a $0.435 dividend. This represents a $1.74 annualized dividend and a yield of 5.75%. The ex-dividend date of this dividend is Friday, May 31st. This is an increase from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio is presently 161.29%.

Hedge Funds Weigh In On Open Text

Several institutional investors and hedge funds have recently made changes to their positions in OTEX. Essex LLC acquired a new stake in Open Text during the 1st quarter worth $250,000. Easterly Investment Partners LLC lifted its holdings in shares of Open Text by 1.7% during the 1st quarter. Easterly Investment Partners LLC now owns 334,221 shares of the software maker’s stock valued at $12,978,000 after purchasing an additional 5,657 shares in the last quarter. Lorne Steinberg Wealth Management Inc. grew its position in shares of Open Text by 1.9% in the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 119,990 shares of the software maker’s stock valued at $4,657,000 after purchasing an additional 2,275 shares during the period. Chase Investment Counsel Corp grew its position in shares of Open Text by 6.9% in the 1st quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after purchasing an additional 528 shares during the period. Finally, Tobam increased its stake in Open Text by 102.3% during the 1st quarter. Tobam now owns 6,474 shares of the software maker’s stock worth $251,000 after purchasing an additional 3,274 shares in the last quarter. Institutional investors and hedge funds 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.