Open Text (NASDAQ:OTEX) Given New $38.00 Price Target at Barclays

Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price decreased by Barclays from $44.00 to $38.00 in a research report released on Friday morning, MarketBeat.com reports. Barclays currently has an equal weight rating on the software maker’s stock.

OTEX has been the topic of several other reports. Royal Bank of Canada reaffirmed an outperform rating and issued a $53.00 price target on shares of Open Text in a report on Friday, February 2nd. BMO Capital Markets downgraded Open Text from an outperform rating to a market perform rating and lowered their target price for the stock from $50.00 to $38.00 in a research note on Friday. Jefferies Financial Group assumed coverage on Open Text in a research report on Tuesday, February 27th. They set a buy rating and a $45.00 price target for the company. TD Securities upped their price objective on Open Text from $53.00 to $54.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Finally, StockNews.com upgraded Open Text from a hold rating to a buy rating in a research report on Tuesday, February 6th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $42.25.

Open Text Stock Performance

Shares of Open Text stock traded down $5.22 during midday trading on Friday, hitting $30.25. The company had a trading volume of 3,706,318 shares, compared to its average volume of 728,893. The company has a fifty day simple moving average of $37.32 and a 200 day simple moving average of $38.70. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of 48.79 and a beta of 1.11. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10. Open Text has a 12-month low of $28.19 and a 12-month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. Open Text had a return on equity of 24.61% and a net margin of 2.85%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.48 billion. As a group, analysts predict that Open Text will post 4.14 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be given a dividend of $0.435 per share. This is a boost from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a yield of 5.75%. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

Institutional Trading of Open Text

Hedge funds have recently made changes to their positions in the company. Forsta AP Fonden raised its position in shares of Open Text by 10.4% during the 3rd quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock valued at $2,623,000 after buying an additional 7,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Open Text by 13.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 323,885 shares of the software maker’s stock worth $11,420,000 after acquiring an additional 38,366 shares during the last quarter. Inspire Investing LLC raised its position in Open Text by 23.4% in the third quarter. Inspire Investing LLC now owns 17,568 shares of the software maker’s stock valued at $617,000 after purchasing an additional 3,328 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Open Text by 5.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker’s stock valued at $4,164,000 after purchasing an additional 6,412 shares during the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Open Text by 0.6% during the 3rd quarter. CIBC Asset Management Inc now owns 814,407 shares of the software maker’s stock worth $28,671,000 after purchasing an additional 5,037 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

About Open Text

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.