Open Text (NASDAQ:OTEX) Price Target Lowered to $38.50 at CIBC

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by CIBC from $44.00 to $38.50 in a research note released on Friday, BayStreet.CA reports. The brokerage currently has a neutral rating on the software maker’s stock.

OTEX has been the topic of a number of other reports. Royal Bank of Canada reaffirmed an outperform rating and issued a $53.00 target price on shares of Open Text in a research report on Friday, February 2nd. TD Securities cut their price objective on shares of Open Text from $54.00 to $40.00 and set a buy rating on the stock in a report on Friday. Barclays lowered their target price on shares of Open Text from $44.00 to $38.00 and set an equal weight rating for the company in a report on Friday. BMO Capital Markets downgraded Open Text from an outperform rating to a market perform rating and cut their price target for the stock from $50.00 to $38.00 in a research note on Friday. Finally, Jefferies Financial Group started coverage on Open Text in a research note on Tuesday, February 27th. They set a buy rating and a $45.00 price objective for the company. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Open Text presently has a consensus rating of Hold and an average target price of $42.25.

Open Text Stock Down 14.7 %

Shares of OTEX stock traded down $5.22 during midday trading on Friday, reaching $30.25. 3,706,318 shares of the stock were exchanged, compared to its average volume of 728,893. The firm has a market cap of $8.25 billion, a PE ratio of 48.79 and a beta of 1.11. 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’s 50 day moving average is $37.32 and its two-hundred day moving average is $38.70. Open Text has a 1 year low of $28.19 and a 1 year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data 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. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a return on equity of 24.61% and a net margin of 2.85%. On average, equities research analysts predict that Open Text will post 4.14 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed 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 is a boost from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.75%. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Boston Partners raised its holdings in shares of Open Text by 0.5% in the 4th quarter. Boston Partners now owns 60,137 shares of the software maker’s stock valued at $2,527,000 after purchasing an additional 318 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Open Text by 18.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after buying an additional 334 shares during the period. Chase Investment Counsel Corp raised its stake in Open Text by 6.9% in the first quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock worth $319,000 after buying an additional 528 shares in the last quarter. Allworth Financial LP lifted its holdings in Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after buying an additional 533 shares during the period. Finally, Optiver Holding B.V. bought a new stake in Open Text during the 4th quarter valued at $27,000. Institutional investors 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.