Jefferies Financial Group Cuts Open Text (NASDAQ:OTEX) Price Target to $42.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by Jefferies Financial Group from $45.00 to $42.00 in a research report report published on Friday, BayStreet.CA reports. The firm currently has a buy rating on the software maker’s stock.

Several other research firms have also recently weighed in on OTEX. National Bankshares cut their price objective on Open Text from $60.00 to $50.00 and set an outperform rating on the stock in a research report on Friday. StockNews.com raised shares of Open Text from a hold rating to a buy rating in a report on Tuesday, February 6th. Raymond James decreased their price objective on shares of Open Text from $55.00 to $48.00 and set an outperform rating for the company in a report on Friday. Citigroup dropped their target price on shares of Open Text from $42.00 to $37.00 and set a neutral rating on the stock in a research note on Friday. Finally, BMO Capital Markets lowered shares of Open Text from an outperform rating to a market perform rating and decreased their price target for the stock from $50.00 to $38.00 in a research note on Friday. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $42.25.

Open Text Stock Down 14.7 %

OTEX stock traded down $5.22 during trading on Friday, reaching $30.25. The stock had a trading volume of 3,706,318 shares, compared to its average volume of 728,893. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10. The company has a market capitalization of $8.25 billion, a price-to-earnings ratio of 48.79 and a beta of 1.11. Open Text has a one year low of $28.19 and a one year high of $45.47. The company’s 50 day moving average is $37.32 and its two-hundred day moving average is $38.70.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a return on equity of 24.61% and a net margin of 2.85%. Equities research analysts forecast that Open Text will post 4.14 EPS for the current year.

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 dividend of $0.435 per share. This is a boost from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, May 31st. This represents a $1.74 dividend on an annualized basis and a yield of 5.75%. Open Text’s payout ratio is presently 161.29%.

Hedge Funds Weigh In On Open Text

Large investors have recently made changes to their positions in the stock. Optiver Holding B.V. bought a new stake in shares of Open Text during the 4th quarter valued at $27,000. Pacifica Partners Inc. purchased a new position in Open Text during the 4th quarter valued at about $32,000. Allworth Financial LP increased its position in shares of Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares during the period. Assetmark Inc. purchased a new stake in shares of Open Text in the fourth quarter worth about $48,000. Finally, EverSource Wealth Advisors LLC boosted its position 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 valued at $92,000 after acquiring an additional 334 shares during the period. 70.37% of the stock is owned by institutional investors.

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.