Open Text Corp (OTEX) Receives $43.44 Consensus Price Target from Analysts

Shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) have received a consensus rating of “Hold” from the fourteen analysts that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $43.44.

Several analysts recently issued reports on the stock. BidaskClub upgraded shares of Open Text from a “sell” rating to a “hold” rating in a research report on Friday, December 29th. Royal Bank of Canada reiterated a “buy” rating and set a $40.00 price target on shares of Open Text in a research report on Monday, October 30th. TD Securities increased their price target on shares of Open Text from $38.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, November 3rd. CIBC increased their price target on shares of Open Text from $41.00 to $42.00 in a research report on Friday, November 3rd. Finally, BMO Capital Markets reduced their price target on shares of Open Text from $40.00 to $38.00 in a research report on Friday, November 3rd.

A number of institutional investors have recently modified their holdings of OTEX. Comerica Bank boosted its position in Open Text by 1.5% in the second quarter. Comerica Bank now owns 14,566 shares of the software maker’s stock valued at $483,000 after buying an additional 211 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Open Text by 0.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 8,911 shares of the software maker’s stock valued at $281,000 after buying an additional 50 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in Open Text by 71.1% in the second quarter. Oppenheimer Asset Management Inc. now owns 15,146 shares of the software maker’s stock valued at $478,000 after buying an additional 6,294 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in Open Text by 85.0% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 11,290 shares of the software maker’s stock valued at $356,000 after buying an additional 5,186 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Open Text by 19.4% in the second quarter. JPMorgan Chase & Co. now owns 283,563 shares of the software maker’s stock valued at $8,943,000 after buying an additional 45,983 shares in the last quarter. Hedge funds and other institutional investors own 66.74% of the company’s stock.

Open Text (NASDAQ OTEX) traded up $0.29 during midday trading on Monday, hitting $33.79. 595,516 shares of the company traded hands, compared to its average volume of 664,265. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market cap of $8,900.00, a price-to-earnings ratio of 58.26 and a beta of 0.44. Open Text has a twelve month low of $30.88 and a twelve month high of $35.80.

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 20th. Shareholders of record on Friday, December 1st were given a $0.132 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.53 dividend on an annualized basis and a yield of 1.56%. Open Text’s dividend payout ratio is currently 91.38%.

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Open Text 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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