Zacks Investment Research upgraded shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) from a hold rating to a buy rating in a report published on Wednesday, October 18th. Zacks Investment Research currently has $38.00 price target on the software maker’s stock.
According to Zacks, “Open Text Corporation is engaged in development of innovative intranet, extranet and e-Business applications. Since creating one of the first search engines to index the World Wide Web, the company has remained at the forefront of Internet-based technologies. Open Text solutions allow individuals, teams, organizations, and global trading communities to collaborate on projects, share ideas and accelerate innovation to the fastest possible speed. Open Text Corporation is headquartered in Waterloo, Canada. “
Several other equities research analysts also recently issued reports on the company. Barclays PLC boosted their price objective on Open Text Corporation from $41.00 to $43.00 and gave the company an overweight rating in a report on Friday, August 4th. BMO Capital Markets reissued an outperform rating and issued a $40.00 target price on shares of Open Text Corporation in a research report on Friday, August 4th. Scotiabank reaffirmed an outperform rating and set a $50.00 price objective (up from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. BidaskClub raised Open Text Corporation from a sell rating to a hold rating in a research note on Thursday, July 13th. Finally, Royal Bank Of Canada restated a buy rating and set a $40.00 price objective on shares of Open Text Corporation in a report on Wednesday, July 12th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Open Text Corporation presently has an average rating of Buy and an average target price of $42.78.
Shares of Open Text Corporation (OTEX) traded down $0.23 on Wednesday, reaching $34.25. The company’s stock had a trading volume of 407,470 shares, compared to its average volume of 443,303. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.74 and a current ratio of 0.74. Open Text Corporation has a one year low of $29.30 and a one year high of $35.45. The firm has a market capitalization of $9,153.82, a price-to-earnings ratio of 60.49 and a beta of 0.47.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued 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 firm had revenue of $663.60 million during the quarter, compared to analyst estimates of $662.36 million. Open Text Corporation had a return on equity of 6.53% and a net margin of 6.12%. The business’s revenue was up 37.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 earnings per share. analysts anticipate that Open Text Corporation will post 0.67 earnings per share for the current fiscal year.
The business 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 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Thursday, November 30th. Open Text Corporation’s dividend payout ratio is currently 92.98%.
Several institutional investors have recently bought and sold shares of OTEX. Wells Fargo & Company MN boosted its holdings in Open Text Corporation by 91.9% in the first quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock worth $163,000 after purchasing an additional 2,294 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in Open Text Corporation by 126.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,244 shares of the software maker’s stock worth $348,000 after acquiring an additional 5,722 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Open Text Corporation by 107.8% during the 1st quarter. Bank of New York Mellon Corp now owns 355,167 shares of the software maker’s stock worth $12,080,000 after acquiring an additional 184,231 shares during the last quarter. Comerica Bank lifted its position in Open Text Corporation by 104.2% during the 1st quarter. Comerica Bank now owns 14,355 shares of the software maker’s stock worth $496,000 after acquiring an additional 7,324 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Open Text Corporation by 122.9% during the 1st quarter. JPMorgan Chase & Co. now owns 237,580 shares of the software maker’s stock worth $8,079,000 after acquiring an additional 130,975 shares during the last quarter. Institutional investors and hedge funds own 66.29% 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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