Open Text (NASDAQ:OTEX) PT Raised to $50.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target increased by equities research analysts at TD Securities from $48.00 to $50.00 in a research note issued on Wednesday, BayStreet.CA reports. The brokerage presently has a “buy” rating on the software maker’s stock. TD Securities’ price objective would indicate a potential upside of 15.05% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Open Text from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 24th. BidaskClub raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday, November 5th. CIBC reaffirmed a “buy” rating on shares of Open Text in a research report on Tuesday, October 29th. Raymond James reaffirmed an “outperform” rating and issued a $48.00 target price on shares of Open Text in a research report on Tuesday, November 12th. Finally, Pi Financial began coverage on shares of Open Text in a research report on Thursday, October 10th. They issued a “sell” rating and a $53.00 target price for the company. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $48.44.

Shares of Open Text stock traded up $0.07 during trading on Wednesday, reaching $43.46. 276,200 shares of the stock were exchanged, compared to its average volume of 697,232. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of 41.00 and a beta of 0.56. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.67. The stock’s fifty day moving average is $40.72 and its 200 day moving average is $40.63. Open Text has a 1 year low of $30.99 and a 1 year high of $44.49.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, October 31st. The software maker reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.36. The company had revenue of $696.90 million during the quarter, compared to the consensus estimate of $703.13 million. Open Text had a net margin of 11.16% and a return on equity of 8.40%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. Equities analysts forecast that Open Text will post 1.56 earnings per share for the current year.

A number of large investors have recently bought and sold shares of OTEX. Flagship Harbor Advisors LLC grew its position in Open Text by 141.2% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 627 shares of the software maker’s stock worth $25,000 after purchasing an additional 367 shares during the period. Parallel Advisors LLC grew its position in Open Text by 131.6% in the 3rd quarter. Parallel Advisors LLC now owns 653 shares of the software maker’s stock worth $27,000 after purchasing an additional 371 shares during the period. Meadow Creek Investment Management LLC grew its position in Open Text by 13.1% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 2,896 shares of the software maker’s stock worth $115,000 after purchasing an additional 336 shares during the period. Doyle Wealth Management purchased a new position in shares of Open Text during the 2nd quarter worth $127,000. Finally, Neuburgh Advisers LLC boosted its stake in shares of Open Text by 13.1% during the 2nd quarter. Neuburgh Advisers LLC now owns 3,982 shares of the software maker’s stock worth $158,000 after acquiring an additional 462 shares during the last quarter. 64.78% of the stock is owned by institutional investors and hedge funds.

About Open Text

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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