Open Text Corp. (NASDAQ:OTEX)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $62.55 and last traded at $62.41, with a volume of 289,989 shares trading hands. The stock had previously closed at $61.51.

Several research firms recently weighed in on OTEX. BMO Capital Markets restated a “hold” rating on shares of Open Text Corp. in a report on Thursday, April 28th. TD Securities reiterated a “buy” rating and issued a $63.00 price objective (up previously from $60.00) on shares of Open Text Corp. in a report on Tuesday, May 17th. Zacks Investment Research upgraded shares of Open Text Corp. from a “hold” rating to a “strong-buy” rating and set a $64.00 price objective on the stock in a report on Wednesday, April 20th. Credit Suisse Group AG reiterated a “hold” rating and issued a $47.00 price objective on shares of Open Text Corp. in a report on Tuesday, April 19th. Finally, Barclays PLC reiterated an “overweight” rating on shares of Open Text Corp. in a report on Sunday, May 1st. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Open Text Corp. currently has a consensus rating of “Buy” and a consensus target price of $57.78.

The company has a market capitalization of $7.51 billion and a P/E ratio of 28.59. The firm has a 50 day moving average of $59.57 and a 200-day moving average of $53.11.

Open Text Corp. (NASDAQ:OTEX) last announced its earnings results on Wednesday, April 27th. The company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by $0.04. The company had revenue of $440.50 million for the quarter, compared to analyst estimates of $450.80 million. During the same period in the prior year, the business earned $0.66 EPS. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, analysts forecast that Open Text Corp. will post $3.59 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Snow Capital Management LP boosted its stake in shares of Open Text Corp. by 23.5% in the fourth quarter. Snow Capital Management LP now owns 964,511 shares of the company’s stock worth $46,229,000 after buying an additional 183,248 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of 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. Marshall Wace LLP boosted its stake in shares of 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 period. Finally, State of Wisconsin Investment Board boosted its stake 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 valued at $5,076,000 after buying an additional 43,500 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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