A number of other equities research analysts have also recently weighed in on the company. CIBC raised their price target on Open Text Corporation from $41.00 to $42.00 in a report on Friday. BMO Capital Markets dropped their price target on Open Text Corporation from $40.00 to $38.00 in a report on Friday. Barclays PLC raised their price target on Open Text Corporation from $54.00 to $55.00 in a report on Friday. TD Securities raised their price target on Open Text Corporation from $38.00 to $51.00 and gave the company a buy rating in a report on Friday. Finally, Royal Bank Of Canada reaffirmed a buy rating and set a $40.00 price target on shares of Open Text Corporation in a report on Monday, October 30th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of Buy and an average target price of $42.78.
Open Text Corporation (NASDAQ:OTEX) opened at $34.48 on Thursday. Open Text Corporation has a twelve month low of $29.30 and a twelve month high of $35.45. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $9,111.03, a P/E ratio of 60.49 and a beta of 0.47.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.07). Open Text Corporation had a net margin of 6.12% and a return on equity of 6.56%. The business had revenue of $663.60 million for the quarter, compared to analyst estimates of $662.36 million. During the same period in the prior year, the business earned $0.45 earnings per share. The company’s revenue for the quarter was up 37.2% on a year-over-year basis. research analysts predict that Open Text Corporation will post 0.67 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 1st will be paid a $0.132 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.53 annualized dividend and a dividend yield of 1.53%. Open Text Corporation’s dividend payout ratio (DPR) is currently 92.98%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in OTEX. Vanguard Group Inc. increased its stake in shares of Open Text Corporation by 126.3% in the 1st quarter. Vanguard Group Inc. now owns 5,446,137 shares of the software maker’s stock valued at $185,223,000 after buying an additional 3,039,282 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Open Text Corporation by 67.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,068,128 shares of the software maker’s stock valued at $65,198,000 after buying an additional 832,902 shares during the period. Highstreet Asset Management Inc. increased its stake in shares of Open Text Corporation by 331.1% in the 2nd quarter. Highstreet Asset Management Inc. now owns 539,152 shares of the software maker’s stock valued at $17,026,000 after buying an additional 414,077 shares during the period. Fiera Capital Corp increased its stake in shares of Open Text Corporation by 15.9% in the 2nd quarter. Fiera Capital Corp now owns 3,007,953 shares of the software maker’s stock valued at $94,770,000 after buying an additional 411,920 shares during the period. Finally, Koch Industries Inc. increased its stake in shares of Open Text Corporation by 4,756.9% in the 2nd quarter. Koch Industries Inc. now owns 351,497 shares of the software maker’s stock valued at $341,000 after buying an additional 344,260 shares during the period. 66.28% of the stock is owned by 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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