Open Text Corp. (OTEX) Trading Up 1.9%
Shares of Open Text Corp. (NASDAQ:OTEX) were up 1.9% during mid-day trading on Tuesday . The stock traded as high as $61.38 and last traded at $61.16, with a volume of 187,377 shares traded. The stock had previously closed at $60.03.
Several analysts recently issued reports on OTEX shares. TD Securities started coverage on Open Text Corp. in a report on Monday, April 4th. They set a “buy” rating and a $58.00 target price on the stock. Zacks Investment Research lowered Open Text Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, April 12th. Credit Suisse Group AG reiterated a “hold” rating and set a $47.00 target price on shares of Open Text Corp. in a report on Tuesday, April 19th. Benchmark Co. upped their target price on Open Text Corp. from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, April 28th. Finally, BMO Capital Markets reiterated a “hold” rating on shares of Open Text Corp. in a report on Thursday, April 28th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $57.78.
The company’s 50-day moving average is $59.51 and its 200-day moving average is $53.05. The stock has a market cap of $7.37 billion and a P/E ratio of 28.05.
Open Text Corp. (NASDAQ:OTEX) last posted its earnings results on Wednesday, April 27th. The company reported $0.80 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The business had revenue of $440.50 million for the quarter, compared to analysts’ expectations of $450.80 million. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 earnings per share. On average, analysts expect that Open Text Corp. will post $3.59 EPS for the current fiscal year.
Several large investors recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Open Text Corp. by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 30,730 shares of the company’s stock worth $1,473,000 after buying an additional 1,100 shares during the period. State of Wisconsin Investment Board increased its position in Open Text Corp. by 69.3% in the fourth quarter. State of Wisconsin Investment Board now owns 106,284 shares of the company’s stock worth $5,076,000 after buying an additional 43,500 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Open Text Corp. by 89.8% in the fourth quarter. Marshall Wace LLP now owns 180,666 shares of the company’s stock worth $8,659,000 after buying an additional 85,478 shares during the last quarter.
Open Text Corporation is a Canada-based company operating in enterprise information market (EIM). The Company provides software products and services to organizations in finding, utilizing and sharing business information. The Company’s products and services include enterprise content management (ECM), business process management (BPM), customer experience management (CEM), information exchange (iX), discovery, and analytics and reporting.
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