Open Text Corp. (OTEX) Reaches New 1-Year High at $62.78
Open Text Corp. (NASDAQ:OTEX)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $62.78 and last traded at $62.09, with a volume of 146,318 shares trading hands. The stock had previously closed at $62.33.
Several equities analysts have recently weighed in on the company. Benchmark Co. increased their price target on Open Text Corp. from $65.00 to $75.00 and gave the company a “buy” rating in a report on Thursday. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $49.00 target price on shares of Open Text Corp. in a report on Friday, May 13th. Zacks Investment Research cut Open Text Corp. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 4th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $77.50 target price (up from $74.00) on shares of Open Text Corp. in a report on Tuesday, May 17th. Finally, TD Securities reaffirmed a “buy” rating and issued a $63.00 target price (up from $60.00) on shares of Open Text Corp. in a report on Tuesday, May 17th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Open Text Corp. currently has a consensus rating of “Buy” and an average price target of $59.78.
The firm has a market capitalization of $7.22 billion and a price-to-earnings ratio of 27.47. The stock has a 50 day moving average price of $59.97 and a 200 day moving average price of $53.74.
Open Text Corp. (NASDAQ:OTEX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.89 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by $0.05. The business had revenue of $484 million for the quarter, compared to analyst estimates of $482.67 million. During the same quarter in the prior year, the company earned $0.87 earnings per share. The company’s revenue was up .3% on a year-over-year basis. Equities research analysts expect that Open Text Corp. will post $3.59 earnings per share for the current fiscal year.
Several large investors recently made changes to their positions in OTEX. Dimensional Fund Advisors LP raised 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. State of Wisconsin Investment Board raised its stake in shares of 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 raised 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, Snow Capital Management LP raised 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.
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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