Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) had its target price raised by research analysts at CIBC from $41.00 to $42.00 in a report issued on Friday. CIBC’s price objective suggests a potential upside of 21.81% from the company’s current price.
OTEX has been the subject of a number of other reports. BMO Capital Markets lowered their price target on shares of Open Text Corporation from $40.00 to $38.00 in a report on Friday. Barclays PLC lifted their price target on shares of Open Text Corporation from $54.00 to $55.00 in a report on Friday. TD Securities boosted their target price on shares of Open Text Corporation from $38.00 to $51.00 and gave the company a “buy” rating in a report on Friday. Royal Bank Of Canada restated a “buy” rating and issued a $40.00 target price on shares of Open Text Corporation in a report on Monday, October 30th. Finally, Zacks Investment Research downgraded shares of Open Text Corporation from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $42.78.
Shares of Open Text Corporation (OTEX) traded up $0.28 during midday trading on Friday, hitting $34.48. 917,541 shares of the company traded hands, compared to its average volume of 414,461. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.89 and a quick ratio of 0.89. Open Text Corporation has a 12-month low of $29.30 and a 12-month high of $35.45. The firm has a market capitalization of $9,111.03, a PE ratio of 60.49 and a beta of 0.47.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.07). The business had revenue of $663.60 million for the quarter, compared to analyst estimates of $662.36 million. Open Text Corporation had a return on equity of 6.56% and a net margin of 6.12%. The business’s revenue was up 37.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. research analysts forecast that Open Text Corporation will post 0.67 earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently bought and sold shares of OTEX. Cambridge Investment Research Advisors Inc. increased its stake in Open Text Corporation by 0.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 8,911 shares of the software maker’s stock valued at $281,000 after purchasing an additional 50 shares during the last quarter. World Asset Management Inc increased its stake in Open Text Corporation by 0.8% during the second quarter. World Asset Management Inc now owns 15,497 shares of the software maker’s stock valued at $489,000 after purchasing an additional 125 shares during the last quarter. Comerica Bank increased its stake in Open Text Corporation by 1.5% during the second quarter. Comerica Bank now owns 14,566 shares of the software maker’s stock valued at $483,000 after purchasing an additional 211 shares during the last quarter. Bank of Nova Scotia Trust Co. increased its stake in Open Text Corporation by 7.5% during 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 during the last quarter. Finally, US Bancorp DE increased its stake in Open Text Corporation by 6.8% during the second quarter. US Bancorp DE now owns 8,206 shares of the software maker’s stock valued at $258,000 after purchasing an additional 524 shares during the last quarter. 66.28% of the stock is currently owned by hedge funds and other institutional investors.
About Open Text Corporation
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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