Open Text (NASDAQ:OTEX) Given New $30.00 Price Target at Citigroup

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price decreased by analysts at Citigroup from $33.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Citigroup’s target price indicates a potential upside of 6.12% from the company’s previous close.

OTEX has been the topic of a number of other research reports. Scotiabank cut their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, November 1st. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 11th. UBS Group started coverage on shares of Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. BMO Capital Markets lowered their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. Finally, Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from $45.00 to $33.00 in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $35.27.

Open Text Trading Up 0.4 %

Shares of OTEX stock traded up $0.10 during trading hours on Thursday, hitting $28.27. 199,456 shares of the company were exchanged, compared to its average volume of 544,878. Open Text has a 1 year low of $26.84 and a 1 year high of $45.47. The firm has a fifty day moving average of $29.09 and a 200 day moving average of $30.88. The firm has a market cap of $7.48 billion, a PE ratio of 16.34 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.13. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 EPS. Analysts expect that Open Text will post 3.37 earnings per share for the current year.

Hedge Funds Weigh In On Open Text

Several large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. lifted its holdings in shares of Open Text by 1.7% during the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock worth $629,000 after buying an additional 322 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Open Text by 3.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after purchasing an additional 351 shares during the period. Cromwell Holdings LLC raised its position in shares of Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after buying an additional 380 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its position in Open Text by 5.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after buying an additional 874 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

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.