Weekly Research Analysts’ Ratings Changes for Open Text (OTEX)

Several analysts have recently updated their ratings and price targets for Open Text (NASDAQ: OTEX):

  • 2/6/2024 – Open Text was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
  • 2/2/2024 – Open Text had its price target raised by analysts at BMO Capital Markets from $48.00 to $50.00. They now have an “outperform” rating on the stock.
  • 2/2/2024 – Open Text had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $53.00 price target on the stock.
  • 2/2/2024 – Open Text had its price target raised by analysts at Citigroup Inc. from $38.00 to $44.00. They now have a “neutral” rating on the stock.
  • 2/2/2024 – Open Text had its price target raised by analysts at TD Securities from $53.00 to $54.00. They now have a “buy” rating on the stock.
  • 1/29/2024 – Open Text was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
  • 1/18/2024 – Open Text was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
  • 1/11/2024 – Open Text had its price target raised by analysts at CIBC from $42.00 to $44.00. They now have a “neutral” rating on the stock.
  • 1/9/2024 – Open Text was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.

Open Text Stock Performance

NASDAQ OTEX opened at $40.78 on Tuesday. The firm has a market capitalization of $11.09 billion, a P/E ratio of 86.77 and a beta of 1.14. The firm’s fifty day moving average price is $41.50 and its two-hundred day moving average price is $38.74. Open Text Co. has a 1 year low of $32.04 and a 1 year high of $45.47. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.10.

Open Text Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 20th. Investors of record on Friday, March 1st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, February 29th. Open Text’s payout ratio is currently 212.77%.

Institutional Investors Weigh In On Open Text

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pacifica Partners Inc. purchased a new position in Open Text during the 4th quarter valued at $32,000. IFP Advisors Inc lifted its position in Open Text by 82.0% during the third quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock worth $31,000 after buying an additional 392 shares in the last quarter. Allworth Financial LP grew its stake in shares of Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares in the last quarter. Power Corp of Canada acquired a new position in shares of Open Text during the 1st quarter worth about $43,000. Finally, Impact Partnership Wealth LLC purchased a new stake in Open Text during the 3rd quarter valued at approximately $37,000. 64.53% of the stock is currently owned by institutional investors.

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.

Further Reading

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