Open Text (OTEX) Posts Quarterly Results
Open Text (NASDAQ:OTEX) posted its quarterly earnings results on Thursday. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.04, Stock Ratings News reports. The company had revenue of $442.80 million for the quarter, compared to the consensus estimate of $447.27 million. During the same quarter in the previous year, the company posted $0.63 earnings per share. The company’s revenue for the quarter was up 31.1% on a year-over-year basis.
Shares of Open Text (NASDAQ:OTEX) traded down 0.11% during mid-day trading on Thursday, hitting $46.08. The stock had a trading volume of 504,650 shares. Open Text has a 52 week low of $29.51 and a 52 week high of $52.86. The stock’s 50-day moving average is $47.5 and its 200-day moving average is $45.21. The company has a market cap of $5.414 billion and a P/E ratio of 36.15.
OTEX has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Open Text from an “outperform” rating to a “neutral” rating in a research note on Wednesday, March 26th. They now have a $60.80 price target on the stock. On a related note, analysts at BMO Capital Markets raised their price target on shares of Open Text from C$90.00 to C$98.00 in a research note on Friday, January 24th. They now have a “market perform” rating on the stock. Finally, analysts at TD Securities raised their price target on shares of Open Text from C$100.00 to C$115.00 in a research note on Friday, January 24th. They now have a “buy” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Open Text has an average rating of “Hold” and a consensus price target of $91.80.
Open Text Corporation (NASDAQ:OTEX), is engaged in providing a suite of information management software products.
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