Open Text (NASDAQ:OTEX) Sees Large Volume Increase – Here’s What Happened

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) shares saw strong trading volume on Wednesday . 4,891,775 shares changed hands during trading, an increase of 193% from the previous session’s volume of 1,668,888 shares.The stock last traded at $23.4970 and had previously closed at $23.19.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a report on Monday, December 29th. Zacks Research downgraded shares of Open Text from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. UBS Group upped their target price on shares of Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 7th. CIBC lowered their price target on Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday, January 16th. Finally, National Bankshares set a $45.00 price objective on Open Text and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, Open Text presently has an average rating of “Hold” and a consensus target price of $38.83.

Open Text Trading Up 1.4%

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.60. The company has a market cap of $5.92 billion, a price-to-earnings ratio of 12.31 and a beta of 1.08. The business has a fifty day simple moving average of $31.71 and a 200 day simple moving average of $33.60.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating the consensus estimate of $1.00 by $0.05. Open Text had a net margin of 9.60% and a return on equity of 23.44%. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the business earned $0.93 earnings per share. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, equities analysts anticipate that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Open Text

Several hedge funds have recently bought and sold shares of the company. CIBC Private Wealth Group LLC purchased a new position in Open Text during the 3rd quarter valued at about $33,000. Sagard Holdings Management Inc. acquired a new stake in Open Text in the 2nd quarter worth about $30,000. MAI Capital Management lifted its holdings in shares of Open Text by 58.7% during the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after acquiring an additional 590 shares during the period. WealthCollab LLC boosted its position in shares of Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after acquiring an additional 464 shares during the last quarter. Finally, Osaic Holdings Inc. increased its position in Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.