Zacks Investment Research upgraded shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) from a hold rating to a buy rating in a research report report published on Wednesday morning. Zacks Investment Research currently has $38.00 target price 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 research analysts also recently issued reports on OTEX. BMO Capital Markets reiterated an outperform rating and issued a $40.00 target price on shares of Open Text Corporation in a research note on Friday, August 4th. BidaskClub upgraded shares of Open Text Corporation from a sell rating to a hold rating in a research note on Thursday, July 13th. Scotiabank reiterated an outperform rating and issued a $50.00 target price (up previously from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. Barclays PLC upped their target price on shares of Open Text Corporation from $41.00 to $43.00 and gave the stock an overweight rating in a research note on Friday, August 4th. Finally, Beacon Securities upgraded shares of Open Text Corporation from a hold rating to a buy rating in a research note on Wednesday, July 5th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $41.75.

Open Text Corporation (NASDAQ OTEX) traded down 0.21% during trading on Wednesday, hitting $33.79. 716,611 shares of the company’s stock traded hands. Open Text Corporation has a 12 month low of $29.30 and a 12 month high of $35.21. The stock has a market cap of $8.89 billion, a P/E ratio of 8.43 and a beta of 0.47. The company’s 50 day moving average is $32.60 and its 200-day moving average is $32.74.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.07). The firm had revenue of $663.60 million during the quarter, compared to the consensus estimate of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. The company’s quarterly revenue was up 37.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 EPS. On average, analysts predict that Open Text Corporation will post $2.48 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Friday, September 1st were given a dividend of $0.132 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.53 dividend on an annualized basis and a yield of 1.56%. Open Text Corporation’s dividend payout ratio (DPR) is 12.74%.

A number of institutional investors have recently modified their holdings of OTEX. Wells Fargo & Company MN lifted its position in Open Text Corporation by 91.9% during the first quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock valued at $163,000 after purchasing an additional 2,294 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Open Text Corporation by 126.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 10,244 shares of the software maker’s stock valued at $348,000 after purchasing an additional 5,722 shares during the period. Bank of New York Mellon Corp lifted its position in Open Text Corporation by 107.8% during the first quarter. Bank of New York Mellon Corp now owns 355,167 shares of the software maker’s stock valued at $12,080,000 after purchasing an additional 184,231 shares during the period. Comerica Bank lifted its position in Open Text Corporation by 104.2% during the first quarter. Comerica Bank now owns 14,355 shares of the software maker’s stock valued at $496,000 after purchasing an additional 7,324 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Open Text Corporation by 122.9% during the first quarter. JPMorgan Chase & Co. now owns 237,580 shares of the software maker’s stock valued at $8,079,000 after purchasing an additional 130,975 shares during the period. Institutional investors own 66.26% of the company’s stock.

Open Text Corporation Company Profile

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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