TD Securities Issues Pessimistic Forecast for Open Text (NASDAQ:OTEX) Stock Price

by · The Cerbat Gem

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) had its price objective decreased by equities research analysts at TD Securities from $40.00 to $38.00 in a research note issued on Friday, BayStreet.CA reports. The firm presently has a “buy” rating on the software maker’s stock. TD Securities’ price objective points to a potential upside of 31.26% from the company’s previous close.

Several other equities research analysts have also weighed in on OTEX. Citigroup reduced their price objective on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday. Royal Bank of Canada lowered 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. Scotiabank dropped their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday. National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a report on Friday, August 2nd. Finally, Jefferies Financial Group dropped their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Eight research 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.com, Open Text presently has a consensus rating of “Hold” and an average price target of $35.90.

Check Out Our Latest Stock Report on Open Text

Open Text Stock Down 3.5 %

OTEX traded down $1.05 on Friday, reaching $28.95. The company’s stock had a trading volume of 738,963 shares, compared to its average volume of 632,212. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50 day moving average is $32.80 and its 200 day moving average is $31.62. Open Text has a 1 year low of $27.50 and a 1 year high of $45.47. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of 16.94 and a beta of 1.12.

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last posted its earnings results on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the firm earned $0.79 EPS. The firm’s revenue was down 8.6% compared to the same quarter last year. As a group, research analysts forecast that Open Text will post 3.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Open Text

Hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. raised its holdings in shares of Open Text by 1.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock worth $629,000 after acquiring an additional 322 shares in the last quarter. Cromwell Holdings LLC boosted its position in 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 purchasing an additional 380 shares in the last quarter. Chase Investment Counsel Corp raised its stake in Open Text by 6.9% in the first quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after buying an additional 528 shares during the last quarter. Blue Trust Inc. raised its stake in 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 last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Open Text during the first quarter worth about $32,000. Hedge funds and other institutional investors 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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