Benchmark reaffirmed their buy rating on shares of Open Text (NASDAQ:OTEX) (TSE:OTC) in a research report sent to investors on Thursday morning, Briefing.com Automated Import reports. Benchmark currently has a $48.00 price target on the software maker’s stock, up from their prior price target of $42.00.
OTEX has been the topic of a number of other reports. Raymond James reissued a buy rating and issued a $21.00 price objective on shares of Colfax in a research note on Thursday, May 2nd. BidaskClub raised shares of ZIX from a buy rating to a strong-buy rating in a research note on Friday, May 3rd. Finally, Zacks Investment Research raised shares of General Moly from a sell rating to a hold rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $46.09.
Shares of OTEX opened at $42.50 on Thursday. Open Text has a 12 month low of $30.99 and a 12 month high of $43.14. The stock’s 50 day simple moving average is $41.13. The company has a market capitalization of $11.46 billion, a PE ratio of 41.67 and a beta of 0.48. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 1.38.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Wednesday, May 1st. The software maker reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.19. Open Text had a net margin of 9.57% and a return on equity of 7.31%. The company had revenue of $719.10 million for the quarter, compared to analysts’ expectations of $710.47 million. During the same period last year, the firm earned $0.54 earnings per share. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. As a group, sell-side analysts forecast that Open Text will post 1.16 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, May 31st were given a $0.1746 dividend. The ex-dividend date was Thursday, May 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.64%. This is a positive change from Open Text’s previous quarterly dividend of $0.12. Open Text’s dividend payout ratio (DPR) is currently 76.92%.
A number of institutional investors have recently modified their holdings of OTEX. Norges Bank acquired a new stake in Open Text in the fourth quarter valued at approximately $66,347,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in Open Text in the first quarter valued at approximately $51,897,000. Clark Capital Management Group Inc. acquired a new stake in Open Text in the first quarter valued at approximately $21,292,000. Toronto Dominion Bank boosted its position in Open Text by 28.0% in the first quarter. Toronto Dominion Bank now owns 1,422,968 shares of the software maker’s stock valued at $54,880,000 after buying an additional 311,177 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in Open Text by 11.1% in the first quarter. Bank of Montreal Can now owns 3,011,673 shares of the software maker’s stock valued at $115,740,000 after buying an additional 301,360 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.
About Open Text
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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