Open Text Co. (NASDAQ:OTEX) Given Average Recommendation of “Hold” by Analysts

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) has earned an average recommendation of “Hold” from the twelve brokerages that are covering the stock, Marketbeat reports. Nine research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $35.18.

Several equities analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Royal Bank of Canada reduced their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. TD Securities reduced their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Finally, UBS Group assumed coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price for the company.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $26.38 on Monday. The firm’s 50 day moving average price is $27.51 and its 200-day moving average price is $29.70. Open Text has a twelve month low of $24.86 and a twelve month high of $39.87. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $6.96 billion, a PE ratio of 10.72 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Equities research analysts expect that Open Text will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a dividend of $0.2625 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date was Friday, March 7th. Open Text’s dividend payout ratio (DPR) is 42.68%.

Institutional Investors Weigh In On Open Text

Institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc grew its holdings in Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after buying an additional 515 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after acquiring an additional 398 shares during the last quarter. Aquatic Capital Management LLC bought a new position in shares of Open Text during the 4th quarter valued at approximately $60,000. Generali Asset Management SPA SGR bought a new position in shares of Open Text during the 4th quarter valued at approximately $62,000. Finally, Allworth Financial LP boosted its position in shares of Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after acquiring an additional 439 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other 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.