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Open Text (NASDAQ:OTEX) Receives “Buy” Rating from National Bankshares



National Bankshares reiterated their buy rating on shares of Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) in a research note released on Friday, TipRanks reports. National Bankshares currently has a $60.00 target price on the software maker’s stock.

A number of other equities analysts also recently weighed in on the stock. TD Securities dropped their target price on shares of Open Text from $58.00 to $50.00 and set a buy rating for the company in a research note on Thursday, May 5th. Raymond James set a $60.00 target price on shares of Open Text and gave the stock an outperform rating in a research note on Thursday, May 5th. TheStreet downgraded shares of Open Text from a b- rating to a c rating in a research note on Tuesday, May 31st. Royal Bank of Canada dropped their price target on shares of Open Text from $62.00 to $52.00 and set an outperform rating for the company in a research note on Thursday, May 5th. Finally, StockNews.com downgraded shares of Open Text from a strong-buy rating to a buy rating in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Open Text presently has a consensus rating of Buy and an average target price of $54.17.

OTEX stock traded up $0.06 during trading on Friday, hitting $36.76. 1,192,280 shares of the stock traded hands, compared to its average volume of 575,605. Open Text has a one year low of $35.04 and a one year high of $55.25. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 21.13 and a beta of 0.93. The company has a 50 day simple moving average of $39.49 and a 200 day simple moving average of $43.11. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.04.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last announced its earnings results on Wednesday, May 4th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.01. Open Text had a net margin of 13.66% and a return on equity of 20.16%. The company had revenue of $882.30 million during the quarter, compared to the consensus estimate of $883.76 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The company’s revenue was up 5.9% on a year-over-year basis. As a group, analysts predict that Open Text will post 3.04 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be issued a dividend of $0.2209 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Thursday, June 2nd. Open Text’s dividend payout ratio is currently 50.57%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. boosted its holdings in shares of Open Text by 15.1% in the fourth quarter. Russell Investments Group Ltd. now owns 413,582 shares of the software maker’s stock valued at $19,655,000 after buying an additional 54,339 shares during the period. Guardian Capital Advisors LP boosted its holdings in shares of Open Text by 36.0% in the fourth quarter. Guardian Capital Advisors LP now owns 37,530 shares of the software maker’s stock valued at $1,730,000 after buying an additional 9,939 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Open Text by 309.5% in the third quarter. Wellington Management Group LLP now owns 60,445 shares of the software maker’s stock valued at $2,950,000 after buying an additional 45,684 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Open Text by 2.6% in the fourth quarter. Allianz Asset Management GmbH now owns 187,849 shares of the software maker’s stock valued at $8,929,000 after buying an additional 4,753 shares during the period. Finally, PCJ Investment Counsel Ltd. boosted its holdings in shares of Open Text by 36.2% in the fourth quarter. PCJ Investment Counsel Ltd. now owns 65,020 shares of the software maker’s stock valued at $3,089,000 after buying an additional 17,270 shares during the period. Hedge funds and other institutional investors own 70.43% of the company’s stock.

About Open Text (Get Rating)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)



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