Open Text Corp (OTEX) Receives Average Recommendation of “Buy” from Brokerages

Open Text Corp (NASDAQ:OTEX) (TSE:OTC) has been assigned a consensus rating of “Buy” from the fifteen research firms that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $44.18.

Several brokerages have recently weighed in on OTEX. Royal Bank of Canada reissued a “buy” rating and issued a $46.00 target price (up previously from $40.00) on shares of Open Text in a research note on Thursday, February 1st. Barclays increased their target price on shares of Open Text from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st. Raymond James Financial increased their target price on shares of Open Text from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. National Bank Financial increased their target price on shares of Open Text from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. Finally, BidaskClub raised shares of Open Text from a “sell” rating to a “hold” rating in a research note on Thursday, March 15th.

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OTEX stock traded down $0.47 during trading on Friday, reaching $34.24. 577,210 shares of the company were exchanged, compared to its average volume of 505,393. The stock has a market capitalization of $9,226.24, a P/E ratio of 48.23 and a beta of 0.33. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.66. Open Text has a 52 week low of $30.88 and a 52 week high of $40.31.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.13. Open Text had a net margin of 7.20% and a return on equity of 6.82%. The company had revenue of $734.40 million for the quarter, compared to the consensus estimate of $688.59 million. During the same quarter in the prior year, the firm earned $0.54 earnings per share. Open Text’s revenue was up 35.3% on a year-over-year basis. sell-side analysts anticipate that Open Text will post 0.74 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 23rd. Stockholders of record on Friday, March 2nd were issued a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend was Thursday, March 1st. Open Text’s payout ratio is presently 74.65%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN grew its holdings in shares of Open Text by 15.6% in the second quarter. Wells Fargo & Company MN now owns 5,539 shares of the software maker’s stock worth $175,000 after purchasing an additional 749 shares during the last quarter. AT Bancorp grew its holdings in shares of Open Text by 2.2% in the fourth quarter. AT Bancorp now owns 68,844 shares of the software maker’s stock worth $2,456,000 after purchasing an additional 1,489 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Open Text by 7.2% in the fourth quarter. Raymond James & Associates now owns 27,743 shares of the software maker’s stock worth $987,000 after purchasing an additional 1,867 shares during the last quarter. ETRADE Capital Management LLC grew its holdings in shares of Open Text by 15.5% in the third quarter. ETRADE Capital Management LLC now owns 14,433 shares of the software maker’s stock worth $466,000 after purchasing an additional 1,941 shares during the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co grew its holdings in shares of Open Text by 1.5% in the fourth quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 145,535 shares of the software maker’s stock worth $5,187,000 after purchasing an additional 2,115 shares during the last quarter. Hedge funds and other institutional investors own 70.73% of the company’s stock.

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Open Text 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.

Analyst Recommendations for Open Text (NASDAQ:OTEX)

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