Open Text Corp (NASDAQ:OTEX) (TSE:OTC) has been assigned a consensus recommendation of “Buy” from the eleven brokerages that are covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $42.29.
OTEX has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Open Text Corp from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a report on Wednesday, October 18th. Royal Bank Of Canada reiterated a “buy” rating and set a $40.00 price target on shares of Open Text Corp in a report on Wednesday, July 12th. Beacon Securities upgraded Open Text Corp from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. BidaskClub upgraded Open Text Corp from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $40.00 target price on shares of Open Text Corp in a research note on Friday, August 4th.
Hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN grew its stake in Open Text Corp by 91.9% in the first quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock valued at $163,000 after purchasing an additional 2,294 shares in the last quarter. Bank of Nova Scotia Trust Co. grew its stake in Open Text Corp by 7.5% in the second quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock valued at $205,000 after purchasing an additional 452 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. grew its stake in Open Text Corp by 100.0% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 6,200 shares of the software maker’s stock valued at $210,000 after purchasing an additional 3,100 shares in the last quarter. Creative Planning grew its stake in Open Text Corp by 48.7% in the second quarter. Creative Planning now owns 6,714 shares of the software maker’s stock valued at $212,000 after purchasing an additional 2,200 shares in the last quarter. Finally, Yorktown Management & Research Co Inc purchased a new position in Open Text Corp in the second quarter valued at about $243,000. Hedge funds and other institutional investors own 66.28% of the company’s stock.
Shares of Open Text Corp (NASDAQ OTEX) traded up 0.63% during mid-day trading on Wednesday, reaching $34.94. The company’s stock had a trading volume of 549,031 shares. The firm’s 50 day moving average is $32.96 and its 200-day moving average is $32.77. Open Text Corp has a 52-week low of $29.30 and a 52-week high of $35.21. The company has a market capitalization of $9.19 billion, a PE ratio of 8.71 and a beta of 0.48.
Open Text Corp (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.07). Open Text Corp had a net margin of 6.97% and a return on equity of 5.26%. The business had revenue of $663.60 million for the quarter, compared to analysts’ expectations of $662.36 million. During the same quarter in the prior year, the firm posted $0.45 EPS. The business’s quarterly revenue was up 37.2% compared to the same quarter last year. Analysts forecast that Open Text Corp will post $2.48 EPS for the current year.
WARNING: This news story was posted by Community Financial News and is the property of of Community Financial News. If you are viewing this news story on another domain, it was illegally stolen and republished in violation of US & international trademark and copyright legislation. The original version of this news story can be read at https://www.com-unik.info/2017/10/30/brokerages-set-open-text-corp-otex-price-target-at-41-75.html.
About Open Text Corp
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.
What are top analysts saying about Open Text Corp? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Open Text Corp and related companies.