Citigroup Lowers Open Text (NASDAQ:OTEX) Price Target to $30.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target dropped by analysts at Citigroup from $33.00 to $30.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Citigroup’s price target indicates a potential upside of 6.12% from the company’s current price.

OTEX has been the topic of several other research reports. Barclays dropped their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Scotiabank dropped their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. BMO Capital Markets reduced 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 research report on Friday, November 1st. UBS Group assumed coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Finally, TD Securities reduced their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, December 30th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Open Text presently has a consensus rating of “Hold” and a consensus target price of $35.27.

Open Text Stock Up 0.4 %

NASDAQ:OTEX traded up $0.10 during mid-day trading on Thursday, hitting $28.27. 199,456 shares of the company’s stock traded hands, compared to its average volume of 544,878. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $7.48 billion, a P/E ratio of 16.34 and a beta of 1.12. The company has a fifty day moving average of $29.09 and a 200 day moving average of $30.88. Open Text has a twelve month low of $26.84 and a twelve month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. Open Text’s revenue was down 11.0% compared to the same quarter last year. On average, analysts forecast that Open Text will post 3.37 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. JARISLOWSKY FRASER Ltd increased its stake in Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after acquiring an additional 767,822 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Open Text by 1.1% during the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after purchasing an additional 63,620 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Open Text by 1.1% during the third quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock worth $135,399,000 after buying an additional 46,223 shares during the last quarter. Clearbridge Investments LLC grew its position in Open Text by 6.9% in the 2nd quarter. Clearbridge Investments LLC now owns 2,954,755 shares of the software maker’s stock valued at $88,754,000 after buying an additional 191,271 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its holdings in Open Text by 2.0% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,932,456 shares of the software maker’s stock valued at $88,091,000 after purchasing an additional 58,561 shares in the last quarter. Institutional investors and hedge funds 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.