Open Text Reaches New 1-Year High Following Strong Earnings (OTEX)
Open Text (NASDAQ:OTEX) hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings, AnalystRatingsNetwork reports. The company traded as high as $56.97 and last traded at $55.71, with a volume of 1,683,022 shares trading hands. The stock had previously closed at $48.44.
The company reported $1.05 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.94 by $0.11. The company had revenue of $494.00 million for the quarter, compared to the consensus estimate of $480.52 million. During the same quarter in the prior year, the company posted $1.43 earnings per share. The company’s quarterly revenue was up 42.2% on a year-over-year basis.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 19th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.1725 per share. This represents a $0.69 annualized dividend and a dividend yield of 1.42%.
OTEX has been the subject of a number of recent research reports. Analysts at TD Securities raised their price target on shares of Open Text from C$57.50 to C$68.00 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Credit Suisse upgraded shares of Open Text from a “neutral” rating to an “outperform” rating in a research note on Thursday. They now have a $65.00 price target on the stock, up previously from $61.00. Finally, analysts at RBC Capital downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 11th. They now have a $55.00 price target on the stock, down previously from $60.00. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $78.35.
The stock’s 50-day moving average is $47.85 and its 200-day moving average is $48.04. The company has a market cap of $6.720 billion and a P/E ratio of 33.76.
Open Text Corporation (NASDAQ:OTEX), is engaged in providing a suite of information management software products.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.