Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) had its target price dropped by equities research analysts at Scotiabank from $51.00 to $41.00 in a research report issued on Wednesday, May 10th. The firm currently has an “outperform” rating on the software maker’s stock. Scotiabank’s price objective would indicate a potential upside of 30.20% from the stock’s current price.
OTEX has been the topic of several other research reports. Citigroup Inc. began coverage on shares of Open Text Corporation in a report on Thursday, February 16th. They issued a “neutral” rating and a $36.00 target price on the stock. BMO Capital Markets set a $38.00 price target on Open Text Corporation and gave the stock a “buy” rating in a research note on Tuesday, May 9th. Barclays PLC started coverage on Open Text Corporation in a research note on Tuesday, January 24th. They issued an “overweight” rating and a $38.00 price target for the company. Zacks Investment Research raised Open Text Corporation from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 6th. Finally, Mitsubishi UFJ Financial Group reaffirmed an “overweight” rating and issued a $36.00 price target on shares of Open Text Corporation in a research note on Tuesday, January 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $42.40.
Shares of Open Text Corporation (NASDAQ OTEX) traded down 1.84% on Wednesday, hitting $31.49. 630,764 shares of the stock were exchanged. The company has a market cap of $8.27 billion, a price-to-earnings ratio of 7.39 and a beta of 0.49. The company has a 50 day moving average of $33.05 and a 200 day moving average of $32.84. Open Text Corporation has a 52-week low of $28.30 and a 52-week high of $35.21.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Monday, May 8th. The software maker reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by $0.16. Open Text Corporation had a return on equity of 12.06% and a net margin of 50.49%. The firm had revenue of $593.13 million during the quarter, compared to the consensus estimate of $601.84 million. During the same quarter in the prior year, the business posted $0.40 EPS. The firm’s revenue for the quarter was up 34.6% on a year-over-year basis. Equities research analysts forecast that Open Text Corporation will post $2.00 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 16th. Shareholders of record on Friday, May 26th will be paid a dividend of $0.132 per share. This is an increase from Open Text Corporation’s previous quarterly dividend of $0.12. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Wednesday, May 24th. Open Text Corporation’s payout ratio is currently 12.20%.
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Several large investors have recently added to or reduced their stakes in the stock. Jarislowsky Fraser Ltd increased its stake in Open Text Corporation by 97.3% in the first quarter. Jarislowsky Fraser Ltd now owns 17,149,056 shares of the software maker’s stock worth $581,219,000 after buying an additional 8,457,300 shares in the last quarter. FMR LLC increased its position in shares of Open Text Corporation by 116.9% in the first quarter. FMR LLC now owns 13,630,775 shares of the software maker’s stock worth $463,293,000 after buying an additional 7,346,669 shares during the period. Beutel Goodman & Co Ltd. increased its position in shares of Open Text Corporation by 109.4% in the first quarter. Beutel Goodman & Co Ltd. now owns 10,791,305 shares of the software maker’s stock worth $366,161,000 after buying an additional 5,636,705 shares during the period. Legato Capital Management LLC increased its position in shares of Open Text Corporation by 6,678.4% in the first quarter. Legato Capital Management LLC now owns 6,917,008 shares of the software maker’s stock worth $204,090,000 after buying an additional 6,814,963 shares during the period. Finally, New South Capital Management Inc. increased its position in shares of Open Text Corporation by 92.1% in the first quarter. New South Capital Management Inc. now owns 6,592,938 shares of the software maker’s stock worth $224,226,000 after buying an additional 3,161,643 shares during the period. Institutional investors and hedge funds own 69.08% of the company’s stock.
Open Text Corporation Company Profile
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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