Open Text Corp. (OTEX) Reaches New 1-Year High at $63.33
Open Text Corp. (NASDAQ:OTEX) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $63.33 and last traded at $63.09, with a volume of 139,507 shares changing hands. The stock had previously closed at $62.57.
A number of research analysts have recently issued reports on the company. Benchmark Co. lifted 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, July 28th. Zacks Investment Research upgraded Open Text Corp. from a “hold” rating to a “strong-buy” rating and set a $72.00 price target 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 research report on Tuesday, June 21st. CIBC raised Open Text Corp. from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 25th. Finally, TD Securities reissued a “buy” rating and issued a $63.00 price objective (up previously from $60.00) on shares of Open Text Corp. in a research report on Tuesday, May 17th. Two investment 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 company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $60.75.
The stock’s 50-day moving average is $60.36 and its 200 day moving average is $54.66. The company has a market capitalization of $7.63 billion and a price-to-earnings ratio of 27.12.
Open Text Corp. (NASDAQ:OTEX) last posted its earnings results on Wednesday, July 27th. The company reported $0.89 EPS for the quarter, missing the consensus estimate 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 quarter in the previous year, the business earned $0.87 earnings per share. Open Text Corp.’s revenue was up .3% compared to the same quarter last year. Equities analysts expect that Open Text Corp. will post $4.09 earnings per share 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 dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Wednesday, August 24th.
Several institutional investors have recently modified their holdings of OTEX. 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 valued at $46,229,000 after buying an additional 183,248 shares during the last quarter. Dimensional Fund Advisors LP increased 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 last quarter. Marshall Wace LLP increased 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 last quarter. Finally, State of Wisconsin Investment Board increased 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 last 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.