Shares of Open Text Corp. (NASDAQ:OTEX) 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 traded. The stock had previously closed at $61.51.

Several analysts have weighed in on the stock. CIBC raised shares of Open Text Corp. from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 25th. Zacks Investment Research raised shares of Open Text Corp. from a “hold” rating to a “strong-buy” rating and set a $72.00 price target for the company in a research note on Thursday. Benchmark Co. boosted their price target on shares of Open Text Corp. from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, April 28th. Royal Bank Of Canada boosted their price target on shares of Open Text Corp. from $60.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 21st. Finally, TD Securities reissued a “buy” rating and issued a $63.00 price target (up from $60.00) on shares of Open Text Corp. in a research note on Tuesday, May 17th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Open Text Corp. presently has an average rating of “Buy” and an average price target of $58.67.

The stock has a 50 day moving average price of $59.74 and a 200 day moving average price of $53.24. The stock has a market capitalization of $7.42 billion and a PE ratio of 28.21.

Open Text Corp. (NASDAQ:OTEX) last released 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 had revenue of $440.50 million for the quarter, compared to the consensus estimate of $450.80 million. During the same period in the previous year, the business earned $0.66 EPS. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities analysts anticipate that Open Text Corp. will post $3.59 EPS for the current year.

Other hedge funds recently added to or reduced their stakes in 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 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 worth $5,076,000 after buying an additional 43,500 shares during the period. Marshall Wace LLP boosted its stake 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. Finally, Snow Capital Management LP boosted its stake in 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.

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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