Open Text (NASDAQ:OTEX) Stock Rating Upgraded by Zacks Research

by · The Cerbat Gem

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other research analysts have also recently weighed in on the stock. National Bank Financial upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Monday, September 15th. Citigroup raised their target price on Open Text from $31.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. CIBC lifted their target price on Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, October 29th. Royal Bank Of Canada boosted their price target on Open Text from $30.00 to $35.00 and gave the company a “sector perform” rating in a report on Tuesday, September 2nd. Finally, UBS Group raised their price objective on Open Text from $32.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $39.42.

Get Our Latest Stock Analysis on Open Text

Open Text Price Performance

NASDAQ OTEX opened at $34.28 on Wednesday. The company has a 50-day moving average price of $37.37 and a 200-day moving average price of $32.05. Open Text has a 52 week low of $22.79 and a 52 week high of $39.90. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $8.64 billion, a P/E ratio of 20.78 and a beta of 1.14.

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The firm’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 earnings per share. Equities research analysts anticipate that Open Text will post 3.45 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in Open Text by 24.5% during the 1st quarter. Bank of New York Mellon Corp now owns 438,892 shares of the software maker’s stock valued at $11,086,000 after purchasing an additional 86,487 shares during the period. Envestnet Asset Management Inc. grew its holdings in Open Text by 24.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 91,358 shares of the software maker’s stock valued at $2,308,000 after buying an additional 17,982 shares in the last quarter. Cerity Partners LLC raised its position in shares of Open Text by 42.4% during the first quarter. Cerity Partners LLC now owns 47,391 shares of the software maker’s stock valued at $1,197,000 after buying an additional 14,109 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Open Text by 34.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 17,199 shares of the software maker’s stock worth $434,000 after buying an additional 4,362 shares in the last quarter. Finally, TD Asset Management Inc boosted its position in shares of Open Text by 18.2% during the first quarter. TD Asset Management Inc now owns 1,791,463 shares of the software maker’s stock worth $45,208,000 after acquiring an additional 275,757 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Company Profile

(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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