Analysts Set Open Text Corp (OTEX) Target Price at $45.63

Open Text Corp (NASDAQ:OTEX) (TSE:OTC) has been given a consensus recommendation of “Buy” by the twelve analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $45.63.

OTEX has been the topic of a number of research analyst reports. BidaskClub downgraded Open Text from a “sell” rating to a “strong sell” rating in a report on Thursday, November 8th. CIBC reiterated an “average” rating and set a $51.00 target price on shares of Open Text in a report on Monday, November 19th. Barclays reiterated a “buy” rating on shares of Open Text in a report on Thursday, November 1st. Raymond James set a $48.00 target price on Open Text and gave the stock an “outperform” rating in a report on Thursday, November 1st. Finally, BMO Capital Markets reiterated a “buy” rating and set a $40.00 target price on shares of Open Text in a report on Thursday, November 1st.

Shares of OTEX stock traded down $0.34 during midday trading on Thursday, reaching $34.24. 37,748 shares of the stock were exchanged, compared to its average volume of 411,368. Open Text has a 1 year low of $31.98 and a 1 year high of $40.31. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.51 and a current ratio of 1.51. The company has a market capitalization of $9.21 billion, a price-to-earnings ratio of 37.58 and a beta of 0.40.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Wednesday, October 31st. The software maker reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. Open Text had a return on equity of 7.99% and a net margin of 8.51%. The firm had revenue of $667.20 million for the quarter, compared to the consensus estimate of $692.53 million. During the same quarter in the prior year, the business earned $0.54 EPS. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. Sell-side analysts forecast that Open Text will post 0.77 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Friday, November 30th will be paid a $0.1518 dividend. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.61 annualized dividend and a dividend yield of 1.77%. Open Text’s payout ratio is currently 67.03%.

Several institutional investors have recently bought and sold shares of OTEX. AdvisorNet Financial Inc purchased a new stake in shares of Open Text in the 2nd quarter worth approximately $115,000. Eqis Capital Management Inc. lifted its position in Open Text by 20.4% in the 2nd quarter. Eqis Capital Management Inc. now owns 15,766 shares of the software maker’s stock valued at $555,000 after acquiring an additional 2,669 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Open Text by 23.2% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 80,315 shares of the software maker’s stock valued at $2,826,000 after acquiring an additional 15,147 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Open Text by 6.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 855,706 shares of the software maker’s stock valued at $30,121,000 after acquiring an additional 50,152 shares in the last quarter. Finally, Eagle Global Advisors LLC lifted its position in Open Text by 5.7% in the 2nd quarter. Eagle Global Advisors LLC now owns 50,140 shares of the software maker’s stock valued at $1,764,000 after acquiring an additional 2,700 shares in the last quarter. Institutional investors own 67.27% of the company’s stock.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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