StockNews.com lowered shares of Open Text (NASDAQ:OTEX – Free Report) (TSE:OTC) from a strong-buy rating to a buy rating in a research note issued to investors on Monday morning.
A number of other equities research analysts have also issued reports on the company. Barclays lowered their target price on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. UBS Group started coverage on shares of Open Text in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. TD Securities reduced their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, December 30th. BMO Capital Markets lowered their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. Finally, Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $35.27.
View Our Latest Stock Report on OTEX
Open Text Trading Down 0.6 %
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last issued its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the firm posted $0.90 EPS. The business’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, sell-side analysts predict that Open Text will post 3.37 EPS for the current year.
Hedge Funds Weigh In On Open Text
Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after buying an additional 793 shares during the last quarter. Kimelman & Baird LLC acquired a new stake in shares of Open Text during the 2nd quarter valued at approximately $36,000. Cromwell Holdings LLC lifted its stake in Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares during the last quarter. Essex LLC acquired a new position in Open Text in the third quarter worth $210,000. Finally, Net Worth Advisory Group bought a new stake in Open Text during the third quarter valued at $226,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.
About Open Text
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.
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