CIBC Cuts Open Text (NASDAQ:OTEX) Price Target to $36.00

Open Text (NASDAQ:OTEXFree Report) (TSE:OTC) had its target price lowered by CIBC from $38.50 to $36.00 in a report released on Friday morning, MarketBeat Ratings reports. The firm currently has a neutral rating on the software maker’s stock.

A number of other analysts have also weighed in on the company. TD Securities lowered their target price on Open Text from $54.00 to $40.00 and set a buy rating for the company in a research note on Friday, May 3rd. Raymond James lowered their target price on Open Text from $55.00 to $48.00 and set an outperform rating for the company in a research note on Friday, May 3rd. Jefferies Financial Group lowered their target price on Open Text from $45.00 to $42.00 and set a buy rating for the company in a research note on Friday, May 3rd. National Bankshares lowered their target price on Open Text from $60.00 to $50.00 and set an outperform rating for the company in a research note on Friday, May 3rd. Finally, Barclays lowered their target price on Open Text from $44.00 to $38.00 and set an equal weight rating for the company in a research note on Friday, May 3rd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Open Text currently has an average rating of Moderate Buy and a consensus target price of $42.00.

Read Our Latest Research Report on Open Text

Open Text Stock Performance

Open Text stock opened at $29.69 on Friday. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a fifty day moving average price of $31.19 and a two-hundred day moving average price of $36.98. Open Text has a 52-week low of $27.54 and a 52-week high of $45.47. The firm has a market capitalization of $8.01 billion, a P/E ratio of 47.89 and a beta of 1.11.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Open Text had a return on equity of 24.45% and a net margin of 2.85%. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, analysts anticipate that Open Text will post 3.79 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Friday, May 31st were given a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a yield of 5.86%. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, May 31st. Open Text’s dividend payout ratio (DPR) is presently 159.68%.

Institutional Trading of Open Text

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OTEX. Norges Bank bought a new position in Open Text during the fourth quarter worth about $139,600,000. Clearbridge Investments LLC bought a new position in Open Text during the fourth quarter worth about $117,627,000. FIL Ltd boosted its holdings in Open Text by 25.7% during the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after buying an additional 1,853,891 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in Open Text during the third quarter worth about $49,856,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Open Text by 73.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,852,184 shares of the software maker’s stock worth $77,970,000 after buying an additional 785,157 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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