Barclays Lowers Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target cut by equities research analysts at Barclays from $44.00 to $38.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price would suggest a potential upside of 25.62% from the company’s previous close.

Several other analysts also recently weighed in on the company. CIBC lifted their target price on Open Text from $42.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Citigroup lowered their price objective on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating for the company in a research report on Friday, March 22nd. TD Securities raised their target price on shares of Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $53.00 price target on shares of Open Text in a report on Friday, February 2nd. Finally, StockNews.com upgraded Open Text from a “hold” rating to a “buy” rating in a report on Tuesday, February 6th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $42.25.

Open Text Stock Performance

Open Text stock opened at $30.25 on Friday. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $8.25 billion, a P/E ratio of 48.79 and a beta of 1.11. Open Text has a 1-year low of $28.19 and a 1-year high of $45.47. The company’s 50-day moving average is $37.32 and its 200 day moving average is $38.73.

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

Institutional Investors Weigh In On Open Text

A number of institutional investors have recently added to or reduced their stakes in the stock. Optiver Holding B.V. purchased a new stake in shares of Open Text during the fourth quarter valued at about $27,000. Pacifica Partners Inc. acquired a new stake in Open Text in the fourth quarter valued at approximately $32,000. Allworth Financial LP grew its holdings in Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after purchasing an additional 533 shares during the last quarter. Assetmark Inc. acquired a new position in shares of Open Text during the fourth quarter worth $48,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after purchasing an additional 334 shares during the last quarter. Institutional investors 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.