Several other research firms also recently commented on OTEX. Benchmark Co. raised their price target on shares of Open Text Corp. from $65.00 to $75.00 and gave the stock a buy rating in a research note on Thursday, July 28th. Royal Bank Of Canada raised their price target on shares of Open Text Corp. from $60.00 to $70.00 and gave the stock an outperform rating in a research note on Tuesday, June 21st. BMO Capital Markets raised shares of Open Text Corp. from a market perform rating to an outperform rating and raised their price target for the stock from $63.00 to $73.00 in a research note on Tuesday, September 13th. Zacks Investment Research raised shares of Open Text Corp. from a hold rating to a strong-buy rating and set a $72.00 price target on the stock in a research note on Thursday, July 21st. Finally, Dundee Securities raised shares of Open Text Corp. from a neutral rating to a buy rating in a research note on Monday, September 12th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $66.56.
Open Text Corp. (NASDAQ:OTEX) traded down 0.02% during mid-day trading on Monday, reaching $64.99. 90,091 shares of the company’s stock were exchanged. The company’s 50-day moving average is $63.71 and its 200 day moving average is $58.59. Open Text Corp. has a one year low of $41.93 and a one year high of $66.84. The firm has a market capitalization of $7.85 billion, a P/E ratio of 27.89 and a beta of 0.99.
Open Text Corp. (NASDAQ:OTEX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.89 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by $0.05. The company earned $484 million during the quarter, compared to analysts’ expectations of $482.67 million. Open Text Corp. had a return on equity of 21.84% and a net margin of 15.59%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.87 EPS. Equities analysts predict that Open Text Corp. will post $4.07 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 26th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Wednesday, August 24th. Open Text Corp.’s dividend payout ratio is currently 39.32%.
Several hedge funds have recently added to or reduced their stakes in OTEX. C M Bidwell & Associates Ltd. purchased a new stake in Open Text Corp. during the second quarter worth $188,000. Smith Asset Management Group LP purchased a new stake in Open Text Corp. during the second quarter worth $203,000. Matterhorn Capital Management LLC purchased a new stake in Open Text Corp. during the second quarter worth $227,000. BlackRock Inc. purchased a new stake in Open Text Corp. during the second quarter worth $231,000. Finally, US Bancorp DE boosted its stake in Open Text Corp. by 10.3% in the second quarter. US Bancorp DE now owns 4,157 shares of the company’s stock worth $246,000 after buying an additional 389 shares in the last quarter. Institutional investors and hedge funds own 69.41% of the company’s stock.
Open Text Corp. Company Profile
Open Text Corporation is a Canada-based company operating in enterprise information market (EIM). The Company provides software products and services to organizations in finding, utilizing and sharing business information. The Company’s products and services include enterprise content management (ECM), business process management (BPM), customer experience management (CEM), information exchange (iX), discovery, and analytics and reporting.
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