National Bank Financial assumed coverage on shares of Open Text Corp. (NASDAQ:OTEX) in a research report sent to investors on Tuesday morning. The firm issued an outperform rating and a $90.00 target price on the stock.
Several other research analysts have also recently issued reports on the company. Benchmark Co. raised their price objective on Open Text Corp. from $65.00 to $75.00 and gave the stock a buy rating in a research note on Thursday, July 28th. Zacks Investment Research upgraded Open Text Corp. from a hold rating to a strong-buy rating and set a $72.00 price target for the company in a research report on Thursday, July 21st. Dundee Securities upgraded Open Text Corp. from a neutral rating to a buy rating in a research report on Monday, September 12th. Royal Bank Of Canada lifted their price target on Open Text Corp. from $60.00 to $70.00 and gave the company an outperform rating in a research report on Tuesday, June 21st. Finally, BMO Capital Markets upgraded Open Text Corp. from a market perform rating to an outperform rating and lifted their price target for the company from $63.00 to $73.00 in a research report on Tuesday, September 13th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Open Text Corp. presently has a consensus rating of Buy and an average price target of $66.56.
Open Text Corp. (NASDAQ:OTEX) opened at 64.86 on Tuesday. The company has a market capitalization of $7.83 billion, a P/E ratio of 27.84 and a beta of 0.99. Open Text Corp. has a 52-week low of $41.93 and a 52-week high of $66.84. The stock’s 50 day moving average price is $63.82 and its 200-day moving average price is $58.75.
Open Text Corp. (NASDAQ:OTEX) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by $0.05. Open Text Corp. had a return on equity of 21.84% and a net margin of 15.59%. The firm earned $484 million during the quarter, compared to analysts’ expectations of $482.67 million. During the same quarter in the previous year, the business earned $0.87 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. 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 paid 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 was Wednesday, August 24th. Open Text Corp.’s dividend payout ratio is presently 39.32%.
Several hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Open Text Corp. during the fourth quarter worth about $49,314,000. Aperio Group LLC raised its stake in shares of Open Text Corp. by 8.3% in the first quarter. Aperio Group LLC now owns 77,224 shares of the company’s stock worth $4,000,000 after buying an additional 5,950 shares in the last quarter. Virginia Retirement System purchased a new stake in shares of Open Text Corp. during the first quarter worth about $2,918,000. Addenda Capital Inc. raised its stake in shares of Open Text Corp. by 0.7% in the first quarter. Addenda Capital Inc. now owns 224,155 shares of the company’s stock worth $11,660,000 after buying an additional 1,645 shares in the last quarter. Finally, CIBC World Markets Inc. raised its stake in shares of Open Text Corp. by 9.2% in the first quarter. CIBC World Markets Inc. now owns 161,841 shares of the company’s stock worth $8,383,000 after buying an additional 13,618 shares in the last quarter. 69.41% of the stock is currently owned by hedge funds and other institutional investors.
About Open Text Corp.
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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