Scotiabank reaffirmed their outperform rating on shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in a research note issued to investors on Friday morning. They currently have a $50.00 price target on the software maker’s stock, up from their prior price target of $41.00.
A number of other research analysts have also commented on the company. BidaskClub raised Open Text Corporation from a sell rating to a hold rating in a report on Thursday, July 13th. Royal Bank Of Canada reissued a buy rating and set a $40.00 price target on shares of Open Text Corporation in a report on Wednesday, July 12th. Zacks Investment Research raised Open Text Corporation from a strong sell rating to a hold rating in a report on Wednesday, July 12th. Beacon Securities raised Open Text Corporation from a hold rating to a buy rating in a report on Wednesday, July 5th. Finally, ValuEngine lowered Open Text Corporation from a buy rating to a hold rating in a report on Friday, June 2nd. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Open Text Corporation presently has an average rating of Buy and an average price target of $42.11.
Shares of Open Text Corporation (NASDAQ OTEX) traded up 3.33% during midday trading on Friday, hitting $34.49. 818,565 shares of the company’s stock traded hands. The company has a 50 day moving average of $32.35 and a 200 day moving average of $33.15. The stock has a market cap of $9.06 billion, a P/E ratio of 8.10 and a beta of 0.51. Open Text Corporation has a 52 week low of $29.30 and a 52 week high of $35.21.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by $0.07. The business had revenue of $663.60 million for the quarter, compared to analyst estimates of $662.36 million. Open Text Corporation had a net margin of 44.77% and a return on equity of 9.08%. Open Text Corporation’s revenue for the quarter was up 37.2% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share. On average, equities analysts forecast that Open Text Corporation will post $2.48 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 1st will be paid a dividend of $0.132 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.53 annualized dividend and a yield of 1.53%. Open Text Corporation’s dividend payout ratio is currently 12.74%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Boston Private Wealth LLC boosted its position in shares of Open Text Corporation by 26.4% in the second quarter. Boston Private Wealth LLC now owns 30,703 shares of the software maker’s stock valued at $968,000 after buying an additional 6,420 shares in the last quarter. Marshall Wace North America L.P. boosted its position in shares of Open Text Corporation by 223.2% in the second quarter. Marshall Wace North America L.P. now owns 489,729 shares of the software maker’s stock valued at $15,671,000 after buying an additional 338,217 shares in the last quarter. Addenda Capital Inc. boosted its position in shares of Open Text Corporation by 4.6% in the second quarter. Addenda Capital Inc. now owns 444,088 shares of the software maker’s stock valued at $13,997,000 after buying an additional 19,648 shares in the last quarter. Highstreet Asset Management Inc. boosted its position in shares of Open Text Corporation by 331.1% in the second quarter. Highstreet Asset Management Inc. now owns 539,152 shares of the software maker’s stock valued at $17,026,000 after buying an additional 414,077 shares in the last quarter. Finally, Comerica Bank boosted its position in shares of Open Text Corporation by 1.5% in the second quarter. Comerica Bank now owns 14,566 shares of the software maker’s stock valued at $483,000 after buying an additional 211 shares in the last quarter. 68.49% of the stock is owned by institutional investors and hedge funds.
Open Text Corporation Company Profile
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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