Open Text (NASDAQ:OTEX) Receives New Coverage from Analysts at StockNews.com

StockNews.com began coverage on shares of Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) in a research note released on Thursday morning. The brokerage issued a strong-buy rating on the software maker’s stock.

Separately, Citigroup raised their price target on Open Text from $33.00 to $35.00 and gave the company a neutral rating in a report on Monday, February 6th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Open Text currently has a consensus rating of Moderate Buy and an average target price of $44.71.

Open Text Stock Performance

NASDAQ:OTEX opened at $36.68 on Thursday. The business’s 50-day moving average price is $34.25 and its two-hundred day moving average price is $30.58. Open Text has a twelve month low of $24.91 and a twelve month high of $44.10. The stock has a market cap of $9.92 billion, a P/E ratio of 30.82 and a beta of 1.04. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.26.

Open Text Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Friday, March 3rd will be given a dividend of $0.243 per share. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $0.97 annualized dividend and a dividend yield of 2.65%. Open Text’s dividend payout ratio (DPR) is presently 81.51%.

Hedge Funds Weigh In On Open Text

Several institutional investors have recently modified their holdings of OTEX. Cigna Investments Inc. New grew its position in Open Text by 7.3% during the 2nd quarter. Cigna Investments Inc. New now owns 5,370 shares of the software maker’s stock worth $203,000 after acquiring an additional 367 shares during the last quarter. Prospera Financial Services Inc grew its position in Open Text by 148.3% during the 2nd quarter. Prospera Financial Services Inc now owns 745 shares of the software maker’s stock worth $28,000 after acquiring an additional 445 shares during the last quarter. Boston Partners grew its position in Open Text by 2.0% during the 3rd quarter. Boston Partners now owns 27,131 shares of the software maker’s stock worth $717,000 after acquiring an additional 541 shares during the last quarter. Glassman Wealth Services grew its position in Open Text by 133.3% during the 4th quarter. Glassman Wealth Services now owns 968 shares of the software maker’s stock worth $29,000 after acquiring an additional 553 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Open Text by 11.7% during the 3rd quarter. Van ECK Associates Corp now owns 5,660 shares of the software maker’s stock worth $149,000 after acquiring an additional 595 shares during the last quarter. 63.93% of the stock is currently owned by institutional investors.

Open Text Company Profile

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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.