Open Text (NASDAQ:OTEX) Receives “Buy” Rating from National Bankshares

National Bankshares reiterated their buy rating on shares of Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) in a report released on Friday morning, TipRanks reports. National Bankshares currently has a $60.00 price objective on the software maker’s stock.

A number of other analysts have also recently weighed in on the stock. StockNews.com cut shares of Open Text from a strong-buy rating to a buy rating in a report on Tuesday. Raymond James set a $60.00 price objective on shares of Open Text and gave the stock an outperform rating in a research note on Thursday, May 5th. Royal Bank of Canada decreased their price objective on shares of Open Text from $62.00 to $52.00 and set an outperform rating for the company in a research note on Thursday, May 5th. TheStreet lowered shares of Open Text from a b- rating to a c rating in a research note on Tuesday, May 31st. Finally, TD Securities decreased their price objective on shares of Open Text from $58.00 to $50.00 and set a buy rating for the company in a research note on Thursday, May 5th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Buy and a consensus target price of $54.17.

NASDAQ:OTEX traded up $0.06 during trading hours on Friday, reaching $36.76. 1,192,280 shares of the company’s stock were exchanged, compared to its average volume of 575,605. The company has a market capitalization of $9.94 billion, a P/E ratio of 21.13 and a beta of 0.93. Open Text has a 12 month low of $35.04 and a 12 month high of $55.25. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.04. The business’s 50-day simple moving average is $39.49 and its two-hundred day simple moving average is $43.11.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last issued its earnings results on Wednesday, May 4th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.01. The firm had revenue of $882.30 million during the quarter, compared to analysts’ expectations of $883.76 million. Open Text had a net margin of 13.66% and a return on equity of 20.16%. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. As a group, sell-side analysts anticipate that Open Text will post 3.04 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Friday, June 3rd will be given a $0.2209 dividend. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 2.40%. Open Text’s payout ratio is 50.57%.

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its holdings in shares of Open Text by 121.8% during the 1st quarter. Bank of America Corp DE now owns 1,999,037 shares of the software maker’s stock valued at $84,759,000 after purchasing an additional 1,097,758 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Open Text during the 1st quarter valued at $1,417,000. The Manufacturers Life Insurance Company raised its holdings in shares of Open Text by 1.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 3,419,341 shares of the software maker’s stock valued at $145,089,000 after purchasing an additional 59,333 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Open Text by 1,359.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,926 shares of the software maker’s stock valued at $82,000 after purchasing an additional 1,794 shares in the last quarter. Finally, Mirabella Financial Services LLP bought a new position in shares of Open Text during the 1st quarter valued at $995,000. Institutional investors own 70.43% of the company’s stock.

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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