Analysts at National Bank Financial initiated coverage on shares of Open Text Corp. (NASDAQ:OTEX) in a research report issued to clients and investors on Tuesday. The brokerage set an “outperform” rating and a $90.00 price target on the stock. National Bank Financial’s price target points to a potential upside of 38.46% from the company’s previous close.
Several other analysts have also recently issued reports on OTEX. BMO Capital Markets raised Open Text Corp. from a “market perform” rating to an “outperform” rating and increased their target price for the company from $63.00 to $73.00 in a research report on Tuesday, September 13th. Royal Bank Of Canada increased their target price 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. Dundee Securities raised Open Text Corp. from a “neutral” rating to a “buy” rating in a research report on Monday, September 12th. Zacks Investment Research raised Open Text Corp. from a “hold” rating to a “strong-buy” rating and set a $72.00 target price on the stock in a research report on Thursday, July 21st. Finally, Benchmark Co. increased their target price on Open Text Corp. from $65.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Open Text Corp. currently has a consensus rating of “Buy” and a consensus price target of $66.56.
Shares of Open Text Corp. (NASDAQ:OTEX) opened at 65.00 on Tuesday. The company’s 50-day moving average price is $63.71 and its 200-day moving average price is $58.59. Open Text Corp. has a 52-week low of $41.93 and a 52-week high of $66.84. The stock has a market cap of $7.85 billion, a PE ratio of 27.90 and a beta of 0.99.
Open Text Corp. (NASDAQ:OTEX) last announced its earnings results 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. The company had revenue of $484 million for the quarter, compared to the consensus estimate of $482.67 million. Open Text Corp. had a net margin of 15.59% and a return on equity of 21.84%. The firm’s revenue was up .3% compared to the same quarter last year. During the same period last year, the business posted $0.87 EPS. On average, equities research analysts forecast that Open Text Corp. will post $4.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, August 26th were paid a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $0.92 dividend on an annualized basis and a yield of 1.42%. Open Text Corp.’s dividend payout ratio (DPR) is 39.32%.
A number of institutional investors have recently modified their holdings of the company. C M Bidwell & Associates Ltd. purchased a new position in shares of Open Text Corp. during the second quarter worth about $188,000. Smith Asset Management Group LP purchased a new position in shares of Open Text Corp. during the second quarter worth about $203,000. Matterhorn Capital Management LLC purchased a new position in shares of Open Text Corp. during the second quarter worth about $227,000. BlackRock Inc. purchased a new position in shares of Open Text Corp. during the second quarter worth about $231,000. Finally, Bayesian Capital Management LP purchased a new position in shares of Open Text Corp. during the first quarter worth about $233,000. Institutional investors own 69.41% of the company’s stock.
Open Text Corp. Company Profile
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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