Open Text (OTEX) – Investment Analysts’ Recent Ratings Changes

Posted by on May 18th, 2023

Several brokerages have updated their recommendations and price targets on shares of Open Text (NASDAQ: OTEX) in the last few weeks:

  • 5/13/2023 – Open Text was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating.
  • 5/5/2023 – Open Text was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
  • 5/5/2023 – Open Text had its price target raised by analysts at TD Securities from $50.00 to $52.00. They now have a “buy” rating on the stock.
  • 5/5/2023 – Open Text had its price target raised by analysts at Barclays PLC from $41.00 to $43.00.
  • 5/4/2023 – Open Text was downgraded by analysts at TheStreet from a “b” rating to a “c+” rating.
  • 4/25/2023 – Open Text was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating.
  • 4/17/2023 – Open Text was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
  • 3/29/2023 – Open Text was upgraded by analysts at TheStreet from a “c+” rating to a “b-” rating.
  • 3/24/2023 – Open Text was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating.
  • 3/22/2023 – Open Text is now covered by analysts at Barclays PLC. They set an “equal weight” rating on the stock.

Open Text Price Performance

Shares of OTEX opened at $40.87 on Thursday. The firm has a 50-day simple moving average of $38.22 and a two-hundred day simple moving average of $33.73. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.70 and a quick ratio of 0.70. Open Text Co. has a 1-year low of $24.91 and a 1-year high of $42.35. The stock has a market cap of $11.07 billion, a PE ratio of 36.49 and a beta of 1.06.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 23rd. Stockholders of record on Friday, June 2nd will be paid a $0.243 dividend. This represents a $0.97 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, June 1st. Open Text’s payout ratio is 86.61%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its holdings in Open Text by 215.5% during the third quarter. Rockefeller Capital Management L.P. now owns 959 shares of the software maker’s stock worth $25,000 after purchasing an additional 655 shares in the last quarter. Larson Financial Group LLC purchased a new stake in shares of Open Text during the 3rd quarter worth $27,000. Glassman Wealth Services boosted its position in shares of Open Text by 133.3% in the 4th quarter. Glassman Wealth Services now owns 968 shares of the software maker’s stock worth $29,000 after buying an additional 553 shares in the last quarter. Power Corp of Canada purchased a new stake in shares of Open Text in the 1st quarter worth about $43,000. Finally, Ridgewood Investments LLC purchased a new stake in shares of Open Text in the 1st quarter worth about $48,000. Hedge funds and other institutional investors own 63.93% of the company’s stock.

Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.

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