National Bankshares Lowers Open Text (NASDAQ:OTEX) Price Target to $34.00

by · The Markets Daily

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) had its target price decreased by National Bankshares from $38.00 to $34.00 in a report released on Friday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the software maker’s stock. National Bankshares’ target price points to a potential upside of 25.93% from the stock’s current price.

Several other brokerages also recently issued reports on OTEX. Citigroup lifted their price objective on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Barclays cut their price target on Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Royal Bank of Canada lowered their price objective on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 22nd. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Finally, TD Securities lowered their price target 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. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $34.09.

Read Our Latest Report on OTEX

Open Text Stock Up 0.5 %

Shares of NASDAQ:OTEX opened at $27.00 on Friday. The company’s fifty day moving average is $25.76 and its 200-day moving average is $28.36. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. Open Text has a 52 week low of $22.79 and a 52 week high of $36.05. The company has a market capitalization of $7.01 billion, a PE ratio of 10.98 and a beta of 1.13.

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates 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 predict that Open Text will post 3.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Open Text

Hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Open Text in the 3rd quarter valued at approximately $499,000. Franklin Resources Inc. raised its holdings in Open Text by 19.9% in the third quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock worth $7,086,000 after purchasing an additional 34,135 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Open Text by 5.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 19,921 shares of the software maker’s stock worth $563,000 after purchasing an additional 1,049 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Open Text in the 4th quarter valued at $2,372,000. Finally, Canoe Financial LP increased its position in shares of Open Text by 127.3% in the 4th quarter. Canoe Financial LP now owns 150,000 shares of the software maker’s stock valued at $4,242,000 after buying an additional 84,000 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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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