Open Text Corp (NASDAQ:OTEX) (TSE:OTC) has been assigned a consensus rating of “Buy” from the ten analysts that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $47.14.
Several equities research analysts have recently weighed in on OTEX shares. BidaskClub raised Open Text from a “sell” rating to a “hold” rating in a research note on Friday, May 3rd. TD Securities increased their price target on Open Text from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Friday. CIBC reissued a “buy” rating and issued a $53.00 price target on shares of Open Text in a research note on Sunday. Zacks Investment Research cut Open Text from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Benchmark reissued a “buy” rating and issued a $48.00 price target (up previously from $42.00) on shares of Open Text in a research note on Thursday, July 11th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its stake in Open Text by 11.1% during the first quarter. Bank of Montreal Can now owns 3,011,673 shares of the software maker’s stock worth $115,740,000 after purchasing an additional 301,360 shares during the period. First Trust Advisors LP grew its stake in Open Text by 10.1% during the first quarter. First Trust Advisors LP now owns 2,734,060 shares of the software maker’s stock worth $105,070,000 after purchasing an additional 251,035 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in Open Text by 4.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,499,554 shares of the software maker’s stock worth $96,001,000 after purchasing an additional 98,929 shares during the period. Norges Bank acquired a new stake in Open Text during the fourth quarter worth approximately $66,347,000. Finally, FMR LLC grew its stake in Open Text by 1.8% during the first quarter. FMR LLC now owns 1,516,784 shares of the software maker’s stock worth $58,238,000 after purchasing an additional 26,655 shares during the period. 67.33% of the stock is owned by institutional investors and hedge funds.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.10). The company had revenue of $747.20 million during the quarter, compared to analyst estimates of $763.51 million. Open Text had a net margin of 9.95% and a return on equity of 7.50%. The company’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 EPS. As a group, analysts anticipate that Open Text will post 1.59 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be paid a dividend of $0.175 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.70 annualized dividend and a yield of 1.85%. This is a boost from Open Text’s previous quarterly dividend of $0.17. Open Text’s dividend payout ratio (DPR) is currently 66.04%.
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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