Open Text (NASDAQ:OTEX) Given New $37.00 Price Target at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective decreased by Citigroup from $42.00 to $37.00 in a report released on Friday, BayStreet.CA reports. Citigroup currently has a neutral rating on the software maker’s stock.

A number of other equities analysts also recently issued reports on OTEX. CIBC raised their price objective on Open Text from $42.00 to $44.00 and gave the stock a neutral rating in a research report on Thursday, January 11th. National Bankshares reduced their price objective on Open Text from $60.00 to $50.00 and set an outperform rating for the company in a research note on Friday. TD Securities lifted their target price on Open Text from $53.00 to $54.00 and gave the company a buy rating in a research report on Friday, February 2nd. StockNews.com raised Open Text from a hold rating to a buy rating in a research report on Tuesday, February 6th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $53.00 price objective on shares of Open Text in a research report on Friday, February 2nd. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $42.25.

Open Text Stock Performance

Shares of OTEX stock opened at $30.22 on Friday. The business’s 50-day moving average price is $37.15 and its 200-day moving average price is $38.74. Open Text has a 12 month low of $28.19 and a 12 month high of $45.47. The firm has a market capitalization of $8.25 billion, a price-to-earnings ratio of 48.74 and a beta of 1.11. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be paid a dividend of $0.435 per share. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.76%. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s payout ratio is presently 161.29%.

Institutional Trading of Open Text

A number of hedge funds and other institutional investors have recently made changes to their positions in OTEX. Optiver Holding B.V. bought a new stake in shares of Open Text during the 4th quarter valued at $27,000. Pacifica Partners Inc. bought a new stake in shares of Open Text during the 4th quarter valued at $32,000. Allworth Financial LP raised its stake in shares of Open Text by 125.7% during the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after purchasing an additional 533 shares during the period. Assetmark Inc. bought a new position in Open Text in the 4th quarter worth about $48,000. Finally, EverSource Wealth Advisors LLC increased its stake in Open Text by 18.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock worth $92,000 after acquiring an additional 334 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Company Profile

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.