BidaskClub cut shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a buy rating to a hold rating in a research note issued to investors on Monday, BidAskClub reports.

A number of other brokerages also recently commented on OTEX. Benchmark restated a buy rating and issued a $48.00 target price (up from $42.00) on shares of Open Text in a research note on Thursday, July 11th. Zacks Investment Research downgraded Open Text from a hold rating to a sell rating in a research report on Thursday, August 8th. TD Securities boosted their price objective on Open Text from $45.00 to $48.00 and gave the stock a buy rating in a research report on Friday, August 2nd. CIBC reiterated a buy rating and set a $53.00 price objective on shares of Open Text in a research report on Sunday, August 4th. Finally, Royal Bank of Canada downgraded Open Text to a buy rating and set a $47.00 price objective for the company. in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $47.25.

Shares of OTEX stock opened at $40.85 on Monday. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.67. The business has a 50 day moving average of $39.50 and a two-hundred day moving average of $39.89. Open Text has a 52 week low of $30.99 and a 52 week high of $44.49. The company has a market cap of $11.06 billion, a P/E ratio of 38.54 and a beta of 0.56.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 1st. The software maker reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.10). Open Text had a net margin of 9.95% and a return on equity of 7.50%. The company had revenue of $747.20 million during the quarter, compared to analyst estimates of $763.51 million. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The business’s revenue was down .9% on a year-over-year basis. Analysts expect that Open Text will post 1.57 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.175 per share. The ex-dividend date is Thursday, August 29th. This is an increase from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 annualized dividend and a dividend yield of 1.71%. Open Text’s payout ratio is currently 66.04%.

Several hedge funds and other institutional investors have recently modified their holdings of OTEX. Dimensional Fund Advisors LP boosted its position in shares of Open Text by 34.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 189,821 shares of the software maker’s stock worth $6,188,000 after buying an additional 49,149 shares during the period. JPMorgan Chase & Co. raised its holdings in Open Text by 56.2% during the first quarter. JPMorgan Chase & Co. now owns 779,628 shares of the software maker’s stock worth $29,961,000 after purchasing an additional 280,643 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Open Text by 3.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,016,661 shares of the software maker’s stock worth $39,025,000 after purchasing an additional 36,867 shares in the last quarter. Clark Capital Management Group Inc. bought a new stake in Open Text during the first quarter worth approximately $21,292,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in Open Text during the first quarter worth approximately $51,897,000. Institutional investors and hedge funds own 64.55% of the company’s stock.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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