TheStreet Lowers Open Text (NASDAQ:OTEX) to C

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) was downgraded by investment analysts at TheStreet from a “b-” rating to a “c” rating in a research report issued on Tuesday, TheStreetRatingsTable reports.

OTEX has been the subject of several other reports. TD Securities dropped their target price on shares of Open Text from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, May 5th. StockNews.com assumed coverage on shares of Open Text in a research report on Thursday, March 31st. They set a “strong-buy” rating for the company. Raymond James set a $60.00 target price on shares of Open Text and gave the company an “outperform” rating in a research report on Thursday, May 5th. Zacks Investment Research lowered shares of Open Text from a “hold” rating to a “sell” rating in a research report on Friday, May 13th. Finally, BMO Capital Markets dropped their target price on shares of Open Text from C$58.00 to C$53.00 in a research report on Friday, February 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $53.50.

OTEX stock opened at $40.28 on Tuesday. The firm has a 50 day moving average of $40.40 and a 200-day moving average of $44.03. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.04. Open Text has a 12 month low of $35.04 and a 12 month high of $55.25. The firm has a market capitalization of $10.89 billion, a P/E ratio of 23.15 and a beta of 0.93.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last released its quarterly earnings data on Wednesday, May 4th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.01. Open Text had a net margin of 13.66% and a return on equity of 20.16%. The company had revenue of $882.30 million during the quarter, compared to analyst estimates of $883.76 million. During the same period last year, the business earned $0.70 earnings per share. Open Text’s revenue was up 5.9% compared to the same quarter last year. Sell-side analysts predict that Open Text will post 3.04 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. purchased a new position in Open Text during the 4th quarter valued at $29,000. Tobam purchased a new position in Open Text during the 1st quarter valued at $29,000. AdvisorNet Financial Inc increased its position in Open Text by 94.2% during the 4th quarter. AdvisorNet Financial Inc now owns 837 shares of the software maker’s stock valued at $40,000 after purchasing an additional 406 shares during the period. Twin Tree Management LP purchased a new position in Open Text during the 1st quarter valued at $41,000. Finally, Power Corp of Canada purchased a new position in Open Text during the 1st quarter valued at $43,000. 70.43% of the stock is currently owned by institutional investors.

Open Text Company Profile (Get Rating)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

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