Barclays Has Lowered Expectations for Open Text (NASDAQ:OTEX) Stock Price

by · The Cerbat Gem

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) had its price target cut by analysts at Barclays from $36.00 to $29.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price would indicate a potential upside of 16.17% from the company’s previous close.

Other analysts have also issued research reports about the stock. TD Securities dropped their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Citigroup raised their target price on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Royal Bank of Canada reduced their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Finally, StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $34.55.

Read Our Latest Stock Report on OTEX

Open Text Stock Performance

Shares of OTEX stock traded down $0.55 on Monday, hitting $24.96. The company had a trading volume of 240,661 shares, compared to its average volume of 814,220. Open Text has a twelve month low of $22.79 and a twelve month high of $36.39. 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 firm has a market cap of $6.56 billion, a P/E ratio of 10.15 and a beta of 1.13. The company has a 50-day moving average price of $26.00 and a 200-day moving average price of $28.58.

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. As a group, equities research analysts predict that Open Text will post 3.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Open Text in the 4th quarter worth $93,216,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock valued at $169,555,000 after purchasing an additional 2,586,549 shares during the period. JARISLOWSKY FRASER Ltd increased its position in Open Text by 11.8% during the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock worth $522,879,000 after purchasing an additional 1,957,695 shares during the last quarter. Criteria Caixa S.A.U. purchased a new position in Open Text during the fourth quarter worth about $32,890,000. Finally, Brandes Investment Partners LP grew its stake in shares of Open Text by 29.2% in the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock valued at $127,557,000 after buying an additional 1,017,065 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

About Open Text

(Get Free Report)

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.

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