Open Text Corp. (OTEX) Sets New 1-Year High at $63.33
Open Text Corp. (NASDAQ:OTEX)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $63.33 and last traded at $63.09, with a volume of 139,507 shares. The stock had previously closed at $62.57.
Several equities analysts have issued reports on OTEX shares. Benchmark Co. raised their price objective on Open Text Corp. from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Zacks Investment Research raised Open Text Corp. from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective on the stock in a report on Thursday, July 21st. Royal Bank Of Canada raised their price objective on Open Text Corp. from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, June 21st. CIBC raised Open Text Corp. from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 25th. Finally, Barclays PLC reissued an “overweight” rating on shares of Open Text Corp. in a report on Sunday, May 1st. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Open Text Corp. presently has a consensus rating of “Buy” and an average price target of $60.75.
The company’s 50 day moving average price is $60.48 and its 200 day moving average price is $54.84. The stock has a market capitalization of $7.55 billion and a PE ratio of 26.84.
Open Text Corp. (NASDAQ:OTEX) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by $0.05. During the same quarter in the prior year, the company earned $0.87 EPS. The business had revenue of $484 million for the quarter, compared to analysts’ expectations of $482.67 million. Open Text Corp.’s quarterly revenue was up .3% compared to the same quarter last year. Analysts forecast that Open Text Corp. will post $4.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 16th. Shareholders of record on Friday, August 26th will be issued a $0.23 dividend. The ex-dividend date is Wednesday, August 24th. This represents a $0.92 dividend on an annualized basis and a yield of 1.47%.
A number of institutional investors have recently modified their holdings of the company. Snow Capital Management LP raised its position 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 in the last quarter. 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. 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. Finally, 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.
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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