Open Text Reaches New 12-Month High at $73.79 (OTEX)
Shares of Open Text (NASDAQ:OTEX) hit a new 52-week high during trading on Thursday, American Banking and Market News reports. The stock traded as high as $73.79 and last traded at $73.67, with a volume of 106,573 shares trading hands. The stock had previously closed at $73.18.
OTEX has been the subject of a number of recent research reports. Analysts at Paradigm Capital upgraded shares of Open Text (NASDAQ:OTEX) from a “hold” rating to a “buy” rating in a research note to investors on Monday, September 9th. They now have a $84.00 price target on the stock, up previously from $75.00. Separately, analysts at BMO Capital Markets reiterated a “market perform” rating on shares of Open Text (NASDAQ:OTEX) in a research note to investors on Monday, August 19th. They now have a $67.00 price target on the stock, up previously from $66.00. Finally, analysts at RBC Capital reiterated an “outperform” rating on shares of Open Text (NASDAQ:OTEX) in a research note to investors on Thursday, August 1st. They now have a $85.00 price target on the stock.
Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $71.83.
Open Text has a 52 week low of $50.51 and a 52 week high of $73.79. The stock has a 50-day moving average of $69.36 and a 200-day moving average of $66.08. The company has a market cap of $4.304 billion and a P/E ratio of 29.16.
Open Text (NASDAQ:OTEX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.43 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.42 by $0.01. The company had revenue of $347.30 million for the quarter, compared to the consensus estimate of $361.05 million. During the same quarter in the previous year, the company posted $1.17 earnings per share. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. Analysts expect that Open Text will post $5.76 EPS for the current fiscal year.
Open Text Corporation (NASDAQ:OTEX), is engaged in providing a suite of information management software products.
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