Open Text Co. (NASDAQ:OTEX) Given Average Recommendation of “Buy” by Analysts

Shares of Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) have earned a consensus recommendation of “Buy” from the eight analysts that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $54.17.

OTEX has been the subject of several analyst reports. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 14th. Raymond James set a $60.00 price target on Open Text and gave the stock an “outperform” rating in a report on Thursday, May 5th. Royal Bank of Canada cut their price target on shares of Open Text from $62.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, May 5th. National Bankshares reaffirmed a “buy” rating and issued a $60.00 target price on shares of Open Text in a research note on Friday. Finally, TD Securities dropped their price target on Open Text from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, May 5th.

A number of institutional investors and hedge funds have recently modified their holdings of OTEX. Norges Bank bought a new position in shares of Open Text during the 4th quarter worth approximately $133,815,000. National Bank of Canada FI bought a new position in Open Text during the fourth quarter worth $91,418,000. Harris Associates L P increased its holdings in shares of Open Text by 23.5% in the first quarter. Harris Associates L P now owns 10,109,221 shares of the software maker’s stock valued at $428,536,000 after purchasing an additional 1,921,206 shares during the last quarter. First Pacific Advisors LP raised its position in shares of Open Text by 171.0% in the fourth quarter. First Pacific Advisors LP now owns 2,173,529 shares of the software maker’s stock valued at $103,199,000 after purchasing an additional 1,371,490 shares during the period. Finally, Bank of America Corp DE lifted its stake 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 worth $84,759,000 after buying an additional 1,097,758 shares during the last quarter. Institutional investors and hedge funds own 70.43% of the company’s stock.

OTEX opened at $36.76 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market capitalization of $9.94 billion, a P/E ratio of 21.13 and a beta of 0.93. The company’s 50 day simple moving average is $39.49 and its 200-day simple moving average is $43.06. Open Text has a one year low of $35.04 and a one year high of $55.25.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be given a dividend of $0.2209 per share. The ex-dividend date is Thursday, June 2nd. This represents a $0.88 annualized dividend and a yield of 2.40%. Open Text’s dividend payout ratio (DPR) is presently 50.57%.

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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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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