Royal Bank of Canada Lowers Open Text (NASDAQ:OTEX) Price Target to $31.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective reduced by analysts at Royal Bank of Canada from $33.00 to $31.00 in a research note issued on Friday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s price target suggests a potential upside of 10.81% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Citigroup increased their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday. TD Securities reduced their price target on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday. Barclays dropped their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. BMO Capital Markets decreased their target price on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Finally, StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Open Text presently has a consensus rating of “Hold” and an average price target of $35.27.

Open Text Trading Down 5.3 %

OTEX stock traded down $1.56 during mid-day trading on Friday, reaching $27.98. 1,015,689 shares of the stock traded hands, compared to its average volume of 605,493. The business has a 50-day moving average price of $28.90 and a two-hundred day moving average price of $30.64. Open Text has a one year low of $26.84 and a one year high of $42.17. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $7.38 billion, a PE ratio of 16.15 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 8.35% and a return on equity of 24.34%. Equities research analysts expect that Open Text will post 3.37 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. IFP Advisors Inc lifted its stake in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after buying an additional 515 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% during 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. Cromwell Holdings LLC grew its position in shares of Open Text by 29.6% in 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 during the period. Allworth Financial LP lifted its position in Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares during the period. Finally, Plato Investment Management Ltd acquired a new stake in shares of Open Text in the fourth quarter worth approximately $138,000. 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.