Open Text Corp. (OTEX) Now Covered by Analysts at National Bank Financial
National Bank Financial started coverage on shares of Open Text Corp. (NASDAQ:OTEX) in a research note issued to investors on Tuesday. The firm issued an outperform rating and a $90.00 price target on the stock.
Several other research firms also recently issued reports on OTEX. Benchmark Co. boosted their price objective 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 boosted their price objective 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 upgraded shares of Open Text Corp. from a market perform rating to an outperform rating and boosted their price objective for the stock from $63.00 to $73.00 in a research note on Tuesday, September 13th. Zacks Investment Research upgraded shares of Open Text Corp. from a hold rating to a strong-buy rating and set a $72.00 price objective for the company in a research note on Thursday, July 21st. Finally, Dundee Securities upgraded shares of Open Text Corp. from a neutral rating to a buy rating in a research note on Monday, September 12th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Open Text Corp. presently has an average rating of Buy and a consensus target price of $66.56.
Open Text Corp. (NASDAQ:OTEX) traded up 0.86% during midday trading on Tuesday, reaching $65.91. 88,982 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $63.66 and its 200 day moving average is $58.54. Open Text Corp. has a 52 week low of $41.93 and a 52 week high of $66.84. The firm has a market capitalization of $7.96 billion, a P/E ratio of 28.29 and a beta of 0.99.
Open Text Corp. (NASDAQ:OTEX) last released its earnings results on Wednesday, July 27th. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by $0.05. Open Text Corp. had a net margin of 15.59% and a return on equity of 21.84%. The company earned $484 million during the quarter, compared to analysts’ expectations of $482.67 million. During the same quarter in the previous year, the firm posted $0.87 earnings per share. Open Text Corp.’s revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts expect that Open Text Corp. will post $4.08 EPS 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 given a dividend of $0.23 per share. The ex-dividend date was Wednesday, August 24th. This represents a $0.92 annualized dividend and a dividend yield of 1.41%. Open Text Corp.’s dividend payout ratio is currently 39.32%.
Several institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in Open Text Corp. during the second quarter valued at approximately $21,711,000. Boston Advisors LLC raised its position in Open Text Corp. by 35.8% in the second quarter. Boston Advisors LLC now owns 277,531 shares of the company’s stock valued at $16,419,000 after buying an additional 73,114 shares in the last quarter. HBK Investments L P purchased a new position in Open Text Corp. during the first quarter valued at approximately $876,000. Legal & General Group Plc raised its position in Open Text Corp. by 32.3% in the first quarter. Legal & General Group Plc now owns 77,086 shares of the company’s stock valued at $4,009,000 after buying an additional 18,800 shares in the last quarter. Finally, AXA raised its position in Open Text Corp. by 48.6% in the first quarter. AXA now owns 62,964 shares of the company’s stock valued at $3,276,000 after buying an additional 20,600 shares in the last quarter. Institutional investors and hedge funds own 69.41% of the company’s stock.
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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