Credit Suisse Upgrades Open Text to “Neutral” (OTEX)
Open Text (NASDAQ:OTEX) was upgraded by equities research analysts at Credit Suisse from an “underperform” rating to a “neutral” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports.
A number of other analysts have also recently weighed in on OTEX. 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.
One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $73.27.
Open Text (NASDAQ:OTEX) traded up 1.64% during mid-day trading on Monday, hitting $73.95. 25,040 shares of the company’s stock traded hands. Open Text has a one year low of $50.51 and a one year high of $73.79. The stock’s 50-day moving average is $69.55 and its 200-day moving average is $66.21. The company has a market cap of $4.320 billion and a price-to-earnings ratio of 28.99.
Open Text (NASDAQ:OTEX) last released its earnings data 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 last year, the company posted $1.17 earnings per share. Open Text’s revenue was up 13.6% compared to the same quarter last year. 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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