Open Text Corp. (OTEX) Stock Price Up 1.9%
Open Text Corp. (NASDAQ:OTEX) shares rose 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.
OTEX has been the subject of several analyst reports. TD Securities restated a “buy” rating and set a $60.00 price target (up previously from $58.00) on shares of Open Text Corp. in a report on Sunday, May 1st. Credit Suisse Group AG restated a “hold” rating and set a $49.00 price target on shares of Open Text Corp. in a report on Friday, May 13th. BMO Capital Markets reiterated a “hold” rating on shares of Open Text Corp. in a research note on Thursday, April 28th. Zacks Investment Research lowered shares of Open Text Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 12th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $77.50 price objective (up previously from $74.00) on shares of Open Text Corp. in a research note on Tuesday, May 17th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $58.67.
The stock has a market cap of $7.52 billion and a PE ratio of 28.62. The stock has a 50-day moving average price of $59.68 and a 200-day moving average price of $53.18.
Open Text Corp. (NASDAQ:OTEX) last announced its earnings results on Wednesday, April 27th. The company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by $0.04. The company earned $440.50 million during the quarter, compared to the consensus estimate of $450.80 million. During the same period in the previous year, the company posted $0.66 EPS. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, analysts anticipate that Open Text Corp. will post $3.59 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of OTEX. Dimensional Fund Advisors LP increased its position 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 period. 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 period.
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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