Brokerages Set Open Text Corporation (OTEX) Target Price at $42.29

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has been assigned an average recommendation of “Buy” from the thirteen research firms that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $42.29.

A number of research firms have commented on OTEX. Barclays PLC upped their target price on shares of Open Text Corporation from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Scotiabank reaffirmed an “outperform” rating and issued a $50.00 target price (up previously from $41.00) on shares of Open Text Corporation in a research report on Friday, August 4th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $40.00 target price on shares of Open Text Corporation in a research report on Friday, August 4th. BidaskClub raised shares of Open Text Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, ValuEngine cut shares of Open Text Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd.

Several institutional investors and hedge funds have recently modified their holdings of OTEX. Meadow Creek Investment Management LLC increased its stake in shares of Open Text Corporation by 99.0% during the first quarter. Meadow Creek Investment Management LLC now owns 3,088 shares of the software maker’s stock worth $105,000 after buying an additional 1,536 shares during the period. Neuburgh Advisers LLC increased its stake in shares of Open Text Corporation by 99.0% during the first quarter. Neuburgh Advisers LLC now owns 4,246 shares of the software maker’s stock worth $144,000 after buying an additional 2,112 shares during the period. Creative Planning increased its stake in shares of Open Text Corporation by 100.0% during the first quarter. Creative Planning now owns 4,514 shares of the software maker’s stock worth $154,000 after buying an additional 2,257 shares during the period. Wells Fargo & Company MN increased its stake in shares of 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 worth $163,000 after buying an additional 2,294 shares during the period. Finally, Tyers Asset Management LLC increased its stake in shares of Open Text Corporation by 99.0% during the first quarter. Tyers Asset Management LLC now owns 5,404 shares of the software maker’s stock worth $184,000 after buying an additional 2,688 shares during the period. 66.28% of the stock is currently owned by institutional investors and hedge funds.

Open Text Corporation (NASDAQ OTEX) traded down 0.16% on Tuesday, reaching $32.07. 308,348 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $32.62 and a 200-day moving average of $32.96. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 8.00 and a beta of 0.48. Open Text Corporation has a one year low of $29.30 and a one year high of $35.21.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.07. Open Text Corporation had a net margin of 44.77% and a return on equity of 8.92%. The company had revenue of $663.60 million during the quarter, compared to analyst estimates of $662.36 million. During the same period in the previous year, the company earned $0.45 EPS. The company’s quarterly revenue was up 37.2% compared to the same quarter last year. Equities research analysts forecast that Open Text Corporation will post $2.47 EPS for the current fiscal year.

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 dividend of $0.132 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.53 annualized dividend and a dividend yield of 1.65%. Open Text Corporation’s dividend payout ratio is presently 12.74%.

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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.

Analyst Recommendations for Open Text Corporation (NASDAQ:OTEX)

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