Open Text (NASDAQ:OTEX) Price Target Lowered to $50.00 at National Bankshares

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target lowered by National Bankshares from $60.00 to $50.00 in a report issued on Friday, BayStreet.CA reports. National Bankshares currently has an outperform rating on the software maker’s stock.

A number of other research firms also recently weighed in on OTEX. Royal Bank of Canada reissued an outperform rating and set a $53.00 target price on shares of Open Text in a research report on Friday, February 2nd. TD Securities raised their target price on Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Citigroup dropped their price target on Open Text from $44.00 to $42.00 and set a neutral rating on the stock in a research report on Friday, March 22nd. Jefferies Financial Group began coverage on Open Text in a report on Tuesday, February 27th. They issued a buy rating and a $45.00 price objective for the company. Finally, StockNews.com upgraded Open Text from a hold rating to a buy rating in a research note on Tuesday, February 6th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $42.25.

Open Text Stock Performance

NASDAQ:OTEX traded down $5.22 during trading on Friday, reaching $30.25. The company’s stock had a trading volume of 3,706,318 shares, compared to its average volume of 728,893. Open Text has a 12 month low of $28.19 and a 12 month high of $45.47. The firm has a market cap of $8.25 billion, a price-to-earnings ratio of 48.79 and a beta of 1.11. The firm has a 50 day moving average of $37.32 and a 200-day moving average of $38.70. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.01. Open Text had a net margin of 2.85% and a return on equity of 24.61%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.48 billion. Research analysts expect that Open Text will post 4.14 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be paid a dividend of $0.435 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.74 annualized dividend and a yield of 5.75%. Open Text’s dividend payout ratio (DPR) is currently 161.29%.

Hedge Funds Weigh In On Open Text

A number of institutional investors have recently added to or reduced their stakes in the business. Optiver Holding B.V. purchased a new position in shares of Open Text during the fourth quarter worth about $27,000. Pacifica Partners Inc. purchased a new position in Open Text in the 4th quarter worth approximately $32,000. Allworth Financial LP increased its holdings in shares of Open Text by 125.7% in the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after buying an additional 533 shares during the last quarter. Assetmark Inc. bought a new position in shares of Open Text in the 4th quarter worth $48,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after buying an additional 334 shares in the last quarter. 70.37% of the stock is currently owned by 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.