Scotiabank reaffirmed their outperform rating on shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in a research note issued to investors on Friday, August 4th. The brokerage currently has a $50.00 price objective on the software maker’s stock, up from their previous price objective of $41.00.
A number of other brokerages also recently issued reports on OTEX. BMO Capital Markets set a $38.00 price target on Open Text Corporation and gave the stock a buy rating in a report on Tuesday, May 9th. Barclays PLC lifted their target price on Open Text Corporation from $53.00 to $56.00 in a research report on Tuesday, May 9th. Citigroup Inc. cut their target price on Open Text Corporation from $36.00 to $35.00 and set a neutral rating on the stock in a research report on Tuesday, May 9th. TD Securities reiterated a buy rating and set a $52.00 target price on shares of Open Text Corporation in a research report on Tuesday, May 2nd. Finally, Zacks Investment Research upgraded Open Text Corporation from a strong sell rating to a hold rating in a research report on Thursday, April 6th. 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 has an average rating of Buy and an average price target of $42.11.
Shares of Open Text Corporation (OTEX) traded up 1.28% during mid-day trading on Friday, reaching $32.48. The company’s stock had a trading volume of 342,739 shares. Open Text Corporation has a 12-month low of $29.30 and a 12-month high of $35.21. The stock has a market capitalization of $8.54 billion, a P/E ratio of 8.10 and a beta of 0.51. The company’s 50-day moving average price is $32.60 and its 200-day moving average price is $33.14.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.07. The business had revenue of $663.60 million for the quarter, compared to analysts’ expectations of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. The firm’s quarterly revenue was up 37.2% on a year-over-year basis. During the same period last year, the firm earned $0.45 earnings per share. On average, equities research analysts forecast that Open Text Corporation will post $2.47 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 1st will be given a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a yield of 1.63%. The ex-dividend date is Wednesday, August 30th. Open Text Corporation’s payout ratio is 12.74%.
Institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System acquired a new position in Open Text Corporation during the fourth quarter valued at about $280,000. Dimensional Fund Advisors LP raised its stake in shares of Open Text Corporation by 17.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 36,338 shares of the software maker’s stock valued at $2,246,000 after buying an additional 5,299 shares during the period. Creative Planning raised its stake in shares of Open Text Corporation by 100.0% in the first quarter. Creative Planning now owns 4,514 shares of the software maker’s stock valued at $154,000 after buying an additional 2,257 shares during the period. Gulf International Bank UK Ltd raised its stake in shares of Open Text Corporation by 116.5% in the first quarter. Gulf International Bank UK Ltd now owns 81,256 shares of the software maker’s stock valued at $2,757,000 after buying an additional 43,728 shares during the period. Finally, Addenda Capital Inc. raised its stake in shares of Open Text Corporation by 100.0% in the first quarter. Addenda Capital Inc. now owns 424,440 shares of the software maker’s stock valued at $14,387,000 after buying an additional 212,235 shares during the period. Institutional investors own 67.76% of the company’s stock.
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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