Scotiabank restated their outperform rating on shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in a research note published on Friday, August 4th. They currently have a $50.00 price target on the software maker’s stock, up from their previous price target of $41.00.
A number of other research firms have also recently commented on OTEX. BidaskClub raised shares of Open Text Corporation from a sell rating to a hold rating in a research note on Thursday, July 13th. Barclays PLC lifted their price target on shares of Open Text Corporation from $53.00 to $56.00 in a research note on Tuesday, May 9th. Citigroup Inc. dropped their price target on shares of Open Text Corporation from $36.00 to $35.00 and set a neutral rating for the company in a research note on Tuesday, May 9th. TD Securities reissued a buy rating and issued a $52.00 price objective on shares of Open Text Corporation in a research report on Tuesday, May 2nd. Finally, Beacon Securities raised shares of Open Text Corporation from a hold rating to a buy rating in a research report on Wednesday, July 5th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $42.11.
Open Text Corporation (NASDAQ OTEX) traded down 0.62% during midday trading on Friday, reaching $31.95. The company had a trading volume of 325,759 shares. The company has a market capitalization of $8.40 billion, a PE ratio of 7.97 and a beta of 0.51. Open Text Corporation has a 12-month low of $29.30 and a 12-month high of $35.21. The stock has a 50-day moving average price of $32.64 and a 200 day moving average price of $33.12.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by $0.07. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. The firm had revenue of $663.60 million for the quarter, compared to analysts’ expectations of $662.36 million. During the same period in the prior year, the firm posted $0.45 earnings per share. Open Text Corporation’s revenue for the quarter was up 37.2% on a year-over-year basis. Equities analysts forecast that Open Text Corporation will post $2.47 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 1st will be given a $0.132 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.53 annualized dividend and a dividend yield of 1.65%. Open Text Corporation’s payout ratio is presently 12.74%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd raised its position in shares of Open Text Corporation by 127.2% in the second quarter. Dynamic Technology Lab Private Ltd now owns 26,037 shares of the software maker’s stock worth $822,000 after buying an additional 14,575 shares during the last quarter. Koch Industries Inc. raised its position in shares of Open Text Corporation by 4,756.9% in the second quarter. Koch Industries Inc. now owns 351,497 shares of the software maker’s stock worth $341,000 after buying an additional 344,260 shares during the last quarter. Verition Fund Management LLC acquired a new stake in Open Text Corporation during the second quarter worth $474,000. Bank of Nova Scotia raised its stake in Open Text Corporation by 55.2% in the second quarter. Bank of Nova Scotia now owns 240,739 shares of the software maker’s stock worth $7,599,000 after buying an additional 85,639 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Open Text Corporation by 39.4% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 50,763 shares of the software maker’s stock worth $1,603,000 after buying an additional 14,355 shares during the last quarter. Hedge funds and other institutional investors own 67.76% of the company’s stock.
About Open Text Corporation
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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