Open Text Corporation (OTEX) Price Target Increased to $51.00 by Analysts at TD Securities
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) had its price target boosted by TD Securities from $38.00 to $51.00 in a research report sent to investors on Friday morning. The firm currently has a buy rating on the software maker’s stock.
A number of other research analysts also recently issued reports on the stock. BidaskClub upgraded shares of Open Text Corporation from a sell rating to a hold rating in a research report on Thursday, July 13th. Barclays PLC increased their price target on shares of Open Text Corporation from $41.00 to $43.00 and gave the company an overweight rating in a research report on Friday, August 4th. Zacks Investment Research downgraded shares of Open Text Corporation from a buy rating to a hold rating in a research report on Saturday, October 21st. BMO Capital Markets reiterated an outperform rating and issued a $40.00 price target on shares of Open Text Corporation in a research report on Friday, August 4th. Finally, Royal Bank Of Canada reiterated a buy rating and issued a $40.00 price target on shares of Open Text Corporation in a research report on Wednesday, July 12th. Four research analysts have rated the stock with a hold rating and seven 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 $42.78.
Open Text Corporation (NASDAQ:OTEX) traded up $0.28 during trading on Friday, reaching $34.48. 917,541 shares of the company’s stock were exchanged, compared to its average volume of 414,461. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.68. Open Text Corporation has a 52 week low of $29.30 and a 52 week high of $35.45. The firm has a market cap of $9,111.03, a P/E ratio of 60.49 and a beta of 0.47.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.07). Open Text Corporation had a net margin of 6.12% and a return on equity of 6.56%. The business had revenue of $663.60 million for the quarter, compared to analyst estimates of $662.36 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. The business’s revenue for the quarter was up 37.2% on a year-over-year basis. research analysts expect that Open Text Corporation will post 0.67 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.132 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.53 annualized dividend and a yield of 1.53%. Open Text Corporation’s dividend payout ratio (DPR) is currently 92.98%.
A number of hedge funds have recently made changes to their positions in OTEX. Wells Fargo & Company MN raised its holdings in Open Text Corporation by 91.9% during the 1st quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock worth $163,000 after buying an additional 2,294 shares during the period. Alliancebernstein L.P. raised its holdings in Open Text Corporation by 103.8% during the 1st quarter. Alliancebernstein L.P. now owns 10,626 shares of the software maker’s stock worth $361,000 after buying an additional 5,413 shares during the period. Vanguard Group Inc. raised its holdings in Open Text Corporation by 126.3% during the 1st quarter. Vanguard Group Inc. now owns 5,446,137 shares of the software maker’s stock worth $185,223,000 after buying an additional 3,039,282 shares during the period. Geode Capital Management LLC raised its holdings in Open Text Corporation by 138.3% during the 1st quarter. Geode Capital Management LLC now owns 267,636 shares of the software maker’s stock worth $9,070,000 after buying an additional 155,340 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Open Text Corporation by 73.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 63,071 shares of the software maker’s stock worth $2,145,000 after buying an additional 26,733 shares during the period. Hedge funds and other institutional investors own 66.28% of the company’s stock.
About Open Text Corporation
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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