Open Text (NASDAQ:OTEX) Price Target Cut to $38.00 by Analysts at Barclays

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price reduced by Barclays from $44.00 to $38.00 in a report released on Friday morning, MarketBeat.com reports. Barclays currently has an equal weight rating on the software maker’s stock.

OTEX has been the subject of a number of other research reports. CIBC raised their target price on Open Text from $42.00 to $44.00 and gave the company a neutral rating in a research note on Thursday, January 11th. Royal Bank of Canada restated an outperform rating and issued a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. TD Securities lifted their price objective on Open Text from $53.00 to $54.00 and gave the company a buy rating in a research note on Friday, February 2nd. StockNews.com upgraded Open Text from a hold rating to a buy rating in a research note on Tuesday, February 6th. Finally, Jefferies Financial Group began coverage on Open Text in a research note on Tuesday, February 27th. They set a buy rating and a $45.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and an average target price of $42.25.

Open Text Trading Down 0.1 %

OTEX opened at $30.22 on Friday. The stock has a market cap of $8.25 billion, a PE ratio of 48.74 and a beta of 1.11. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. The business has a 50 day moving average of $37.15 and a 200-day moving average of $38.74. Open Text has a 52 week low of $28.19 and a 52 week high of $45.47.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be issued a $0.435 dividend. 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. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.76%. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

Institutional Trading of Open Text

Institutional investors and hedge funds have recently modified their holdings of the business. Optiver Holding B.V. bought a new stake in shares of Open Text in the 4th quarter worth $27,000. Pacifica Partners Inc. bought a new stake in shares of Open Text in the fourth quarter worth $32,000. Allworth Financial LP grew its holdings 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 worth $34,000 after acquiring an additional 533 shares during the period. Assetmark Inc. bought a new stake in shares of Open Text in the fourth quarter worth $48,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Open Text by 18.0% in the fourth 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 period. Institutional investors own 70.37% of the company’s stock.

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.