Open Text Corp. (OTEX) Sees Large Volume Increase
Shares of Open Text Corp. (NASDAQ:OTEX) saw strong trading volume on Thursday . 181,681 shares traded hands during mid-day trading, an increase of 24% from the previous session’s volume of 146,163 shares.The stock last traded at $63.06 and had previously closed at $62.82.
Several research analysts recently commented on the stock. Benchmark Co. lifted their target price on shares of 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 upgraded shares of 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. Royal Bank Of Canada lifted their target price on shares of Open Text Corp. from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, June 21st. CIBC upgraded shares of Open Text Corp. from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 25th. Finally, TD Securities reiterated 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. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $60.75.
The firm’s 50 day moving average is $62.03 and its 200 day moving average is $56.53. The firm has a market cap of $7.62 billion and a price-to-earnings ratio of 27.09.
Open Text Corp. (NASDAQ:OTEX) last announced its earnings results on Wednesday, July 27th. The company reported $0.89 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by $0.05. During the same period last year, the firm earned $0.87 EPS. The company had revenue of $484 million for the quarter, compared to analyst estimates of $482.67 million. The company’s revenue was up .3% compared to the same quarter last year. Equities research analysts anticipate that Open Text Corp. will post $4.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 16th. Investors 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 yield of 1.46%. The ex-dividend date is Wednesday, August 24th.
A hedge fund recently raised its stake in Open Text Corp. stock. Dimensional Fund Advisors LP raised its stake in Open Text Corp. (NASDAQ:OTEX) by 3.7% during the fourth quarter, according to its most recent disclosure 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 as of its most recent SEC filing.
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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