Envestnet Asset Management Inc. increased its stake in shares of Open Text Co. (NASDAQ:OTEX – Get Rating) (TSE:OTC) by 3.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 311,496 shares of the software maker’s stock after acquiring an additional 10,408 shares during the period. Envestnet Asset Management Inc.’s holdings in Open Text were worth $13,207,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. bought a new stake in Open Text during the fourth quarter worth about $29,000. Tobam bought a new stake in Open Text during the first quarter worth about $29,000. AdvisorNet Financial Inc raised its holdings in Open Text by 114.6% during the first quarter. AdvisorNet Financial Inc now owns 1,796 shares of the software maker’s stock worth $76,000 after acquiring an additional 959 shares in the last quarter. SG Americas Securities LLC bought a new stake in Open Text in the first quarter valued at approximately $113,000. Finally, Clearstead Advisors LLC bought a new stake in Open Text in the fourth quarter valued at approximately $124,000. Institutional investors own 70.43% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Raymond James dropped their price objective on Open Text from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 26th. TheStreet lowered Open Text from a “b-” rating to a “c” rating in a research note on Tuesday, May 31st. TD Securities dropped their price objective on Open Text from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Royal Bank of Canada lowered their target price on Open Text from $62.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, May 5th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.00.
Open Text Price Performance
Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) last issued its quarterly earnings results on Wednesday, May 4th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.01. The business had revenue of $882.30 million for the quarter, compared to the consensus estimate of $883.76 million. Open Text had a return on equity of 20.16% and a net margin of 13.66%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. Equities research analysts predict that Open Text Co. will post 3.04 earnings per share for the current year.
About Open Text
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.
- Get a free copy of the StockNews.com research report on Open Text (OTEX)
- MarketBeat: Week in Review 8/1 – 8/5
- How to Use High Beta Stocks to Maximize Your Investing Profits
- Cronos Group Inc’s Revenues Are Up, Is It Time to Buy?
- Why Apple Could Be At All-Time Highs By Year End
- Beyond Meat Is Not Beyond Hope, And It’s Cheap
Want More Great Investing Ideas?
- Bear Market Game Plan!
- The 10 Best Stocks to Own in 2022
- 7 Stocks to Buy and Hold Forever
- 3 Stocks to DOUBLE This Year
Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.