Open Text Corp. (OTEX) Reaches New 12-Month High at $64.17
Open Text Corp. (NASDAQ:OTEX) shares reached a new 52-week high during trading on Friday . The stock traded as high as $64.17 and last traded at $63.67, with a volume of 55,364 shares traded. The stock had previously closed at $63.13.
Several research analysts have commented on the company. Credit Suisse Group AG reaffirmed a “hold” rating and set a $49.00 price target on shares of Open Text Corp. in a research report on Friday, May 13th. Royal Bank Of Canada reissued an “outperform” rating and issued a $77.50 target price (up previously from $74.00) on shares of Open Text Corp. in a report on Tuesday, May 17th. Zacks Investment Research raised Open Text Corp. from a “hold” rating to a “strong-buy” rating and set a $72.00 target price on the stock in a report on Thursday, July 21st. TD Securities reissued a “buy” rating and issued a $63.00 target price (up previously from $60.00) on shares of Open Text Corp. in a report on Tuesday, May 17th. Finally, Benchmark Co. boosted their target price on Open Text Corp. from $65.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Open Text Corp. has an average rating of “Buy” and an average target price of $60.75.
The firm’s 50 day moving average price is $62.06 and its 200-day moving average price is $56.57. The firm has a market cap of $7.71 billion and a PE ratio of 27.39.
Open Text Corp. (NASDAQ:OTEX) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by $0.05. The company earned $484 million during the quarter, compared to analysts’ expectations of $482.67 million. During the same period in the prior year, the company earned $0.87 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. Analysts anticipate that Open Text Corp. will post $4.09 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 16th. Shareholders of record on Friday, August 26th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Wednesday, August 24th.
An institutional investor recently raised its position in Open Text Corp. stock. Dimensional Fund Advisors LP increased its position in Open Text Corp. (NASDAQ:OTEX) by 3.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 30,730 shares of the company’s stock after buying an additional 1,100 shares during the period. Dimensional Fund Advisors LP’s holdings in Open Text Corp. were worth $1,473,000 at the end of the most recent 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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