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Research analysts at CIBC set a $60.00 price target on shares of Open Text (NASDAQ:OTEX) stock in a report released on Thursday. CIBC’s price objective would suggest a potential upside of 28.15% from the company’s current price.

Shares of Open Text (NASDAQ:OTEX) traded up 0.26% during mid-day trading on Thursday, hitting $46.94. The stock had a trading volume of 90,208 shares. Open Text has a one year low of $32.235 and a one year high of $52.86. The stock has a 50-day moving average of $47.51 and a 200-day moving average of $47.63. The company has a market cap of $5.668 billion and a P/E ratio of 32.63. Open Text also was the target of a significant decrease in short interest during the month of June. As of June 13th, there was short interest totalling 3,973,177 shares, a decrease of 38.2% from the May 30th total of 6,429,980 shares. Currently, 3.3% of the shares of the company are sold short. Based on an average trading volume of 200,754 shares, the short-interest ratio is currently 19.8 days.

Open Text (NASDAQ:OTEX) last announced its earnings results on Thursday, April 24th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.04. 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. On average, analysts predict that Open Text will post $3.25 earnings per share 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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