Zacks Upgrades Open Text to “Outperform” (OTEX)
Open Text (NASDAQ:OTEX) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report issued on Tuesday. The firm currently has a $56.70 price target on the stock. Zacks‘s price objective would indicate a potential upside of 3.68% from the company’s current price.
Open Text (NASDAQ:OTEX) traded down 0.73% during mid-day trading on Tuesday, hitting $54.29. The stock had a trading volume of 284,676 shares. Open Text has a 52-week low of $32.345 and a 52-week high of $56.97. The stock has a 50-day moving average of $48.47 and a 200-day moving average of $48.29. The company has a market cap of $6.569 billion and a price-to-earnings ratio of 30.22.
Open Text (NASDAQ:OTEX) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $1.43 earnings per share. The company’s revenue for the quarter was up 42.2% on a year-over-year basis. Analysts expect that Open Text will post $3.84 EPS for the current fiscal year.
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 1.26%. The ex-dividend date is Wednesday, August 27th.
Other equities research analysts have also recently issued reports about the stock. 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, July 31st. 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, July 31st. 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. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $78.87.
Open Text Corporation (NASDAQ:OTEX), is engaged in providing a suite of information management software products.
To view Zacks’ full report, visit Zacks’ official website.
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