Open Text (NASDAQ:OTEX) Sees Unusually-High Trading Volume – Here’s Why

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) shares saw strong trading volume on Wednesday . 4,891,775 shares traded hands during mid-day trading, an increase of 193% from the previous session’s volume of 1,668,888 shares.The stock last traded at $23.4970 and had previously closed at $23.19.

Wall Street Analyst Weigh In

OTEX has been the subject of several research analyst reports. Barclays upped their price target on Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. Citigroup dropped their price objective on shares of Open Text from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, December 23rd. UBS Group lifted their target price on shares of Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Royal Bank Of Canada lowered their price target on Open Text from $35.00 to $33.00 and set a “sector perform” rating for the company in a report on Monday, January 26th. Finally, Jefferies Financial Group boosted their price objective on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday, November 6th. Three equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $38.83.

Open Text Stock Up 1.4%

The firm has a fifty day simple moving average of $31.71 and a 200-day simple moving average of $33.60. The company has a market capitalization of $5.92 billion, a PE ratio of 12.31 and a beta of 1.08. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.87 and a current ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, beating the consensus estimate of $1.00 by $0.05. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Open Text had a return on equity of 23.44% and a net margin of 9.60%.The business’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 EPS. Equities research analysts anticipate that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Open Text

A number of hedge funds have recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd increased its holdings in Open Text by 0.6% in the third quarter. JARISLOWSKY FRASER Ltd now owns 21,150,154 shares of the software maker’s stock valued at $790,736,000 after buying an additional 117,436 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Open Text by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock valued at $436,926,000 after acquiring an additional 229,758 shares during the last quarter. First Trust Advisors LP raised its position in shares of Open Text by 9.3% during the 3rd quarter. First Trust Advisors LP now owns 9,027,450 shares of the software maker’s stock valued at $337,445,000 after acquiring an additional 765,366 shares in the last quarter. Brandes Investment Partners LP raised its position in shares of Open Text by 42.7% during the 2nd quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock valued at $244,356,000 after acquiring an additional 2,506,058 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Open Text by 11.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 7,730,470 shares of the software maker’s stock worth $225,898,000 after purchasing an additional 810,352 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.