Open Text Corporation (OTEX) Price Target Raised to $55.00
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) had its target price hoisted by Barclays PLC from $54.00 to $55.00 in a research note published on Friday morning, StockTargetPrices.com reports.
A number of other analysts also recently issued reports on the stock. TD Securities boosted their price objective on shares of Open Text Corporation from $38.00 to $51.00 and gave the company a buy rating in a report on Friday. Royal Bank Of Canada reissued a buy rating and issued a $40.00 price objective on shares of Open Text Corporation in a report on Monday, October 30th. Zacks Investment Research downgraded shares of Open Text Corporation from a buy rating to a hold rating in a report on Friday, October 27th. BMO Capital Markets reissued an outperform rating and issued a $40.00 price objective on shares of Open Text Corporation in a report on Friday, August 4th. Finally, Scotiabank reissued an outperform rating and issued a $50.00 price objective (up previously from $41.00) on shares of Open Text Corporation in a report on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Open Text Corporation presently has a consensus rating of Buy and a consensus target price of $42.78.
Open Text Corporation (NASDAQ:OTEX) traded down $0.21 during midday trading on Friday, reaching $34.27. 173,549 shares of the company’s stock were exchanged, compared to its average volume of 443,303. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. The company has a market cap of $9,153.82, a P/E ratio of 60.49 and a beta of 0.47. Open Text Corporation has a 52-week low of $29.30 and a 52-week high of $35.45.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $662.36 million. Open Text Corporation had a net margin of 6.12% and a return on equity of 6.53%. The business’s revenue for the quarter was up 37.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. research analysts forecast that Open Text Corporation will post 0.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 1st will be issued a dividend of $0.132 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Thursday, November 30th. Open Text Corporation’s dividend payout ratio (DPR) is presently 92.98%.
Institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN lifted its holdings in shares of 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 acquiring an additional 2,294 shares during the period. Bank of Nova Scotia Trust Co. increased its position in Open Text Corporation by 7.5% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock worth $205,000 after purchasing an additional 452 shares in the last quarter. Creative Planning increased its position in Open Text Corporation by 48.7% during the 2nd quarter. Creative Planning now owns 6,714 shares of the software maker’s stock worth $212,000 after purchasing an additional 2,200 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new position in Open Text Corporation during the 2nd quarter worth approximately $243,000. Finally, US Bancorp DE increased its position in Open Text Corporation by 6.8% during the 2nd quarter. US Bancorp DE now owns 8,206 shares of the software maker’s stock worth $258,000 after purchasing an additional 524 shares in the last quarter. 66.29% of the stock is owned by institutional investors.
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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