Open Text (NASDAQ:OTEX) Upgraded at StockNews.com

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Sunday.

OTEX has been the topic of several other reports. Scotiabank lowered their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. BMO Capital Markets decreased their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. TD Securities lowered their target price on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, December 30th. UBS Group initiated 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, Citigroup lowered their target price on shares of Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Nine analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Open Text presently has a consensus rating of “Hold” and a consensus target price of $35.27.

Open Text Price Performance

Shares of OTEX opened at $27.78 on Friday. The firm has a market capitalization of $7.35 billion, a PE ratio of 16.06 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. Open Text has a fifty-two week low of $26.84 and a fifty-two week high of $45.47. The company’s 50-day moving average is $28.99 and its 200-day moving average is $30.82.

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

Institutional Trading of Open Text

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its stake in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in shares of Open Text during the 2nd quarter worth $36,000. Cromwell Holdings LLC grew its position in shares of Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares during the last quarter. Essex LLC purchased a new position in Open Text in the third quarter worth $210,000. Finally, Net Worth Advisory Group acquired a new stake in Open Text in the third quarter worth about $226,000. 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.