Open Text (TSE:OTEX) Stock Price Passes Above 50 Day Moving Average – Here’s Why

Open Text Co. (TSE:OTEX) (NASDAQ:OTEX) shares crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$31.66 and traded as high as C$33.61. Open Text shares last traded at C$32.54, with a volume of 1,120,816 shares.

Analysts Set New Price Targets

Separately, TD lowered their price target on Open Text from C$28.00 to C$27.00 and set a “hold” rating for the company in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of C$27.50.

Open Text Trading Down 0.0%

The company has a market cap of C$7.90 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 1.35 and a beta of 1.28. The company’s 50 day moving average price is C$31.66 and its 200 day moving average price is C$34.19. The company has a debt-to-equity ratio of 161.91, a quick ratio of 1.34 and a current ratio of 0.92.

Open Text (TSE:OTEX) (NASDAQ:OTEX) last issued its quarterly earnings data on Thursday, May 7th. The company reported C$1.40 earnings per share (EPS) for the quarter. The firm had revenue of C$1.78 billion during the quarter. Open Text had a net margin of 9.89% and a return on equity of 12.88%. Research analysts anticipate that Open Text Co. will post 4.9036649 EPS for the current year.

Insider Activity

In other news, insider Paul Michael Duggan sold 4,624 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of C$33.70, for a total transaction of C$155,828.80. Following the completion of the sale, the insider owned 13,790 shares in the company, valued at approximately C$464,723. This represents a 25.11% decrease in their position. In the last ninety days, insiders sold 13,870 shares of company stock worth $456,046. Corporate insiders own 2.11% of the company’s stock.

About Open Text

OpenText¿ is a leading Cloud and AI company that provides organizations around the world with a comprehensive suite of Business AI, Business Clouds, and Business Technology. We help organizations grow, innovate, become more efficient and effective, and do so in a trusted and secure way – through Information Management.