Open Text Receives Average Recommendation of “Buy” from Analysts (NASDAQ:OTEX)
Open Text (NASDAQ:OTEX) has been given a consensus rating of “Buy” by the twelve analysts that are currently covering the company, StockRatingsNetwork.com reports. Five analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $78.87.
Open Text (NASDAQ:OTEX) opened at 54.68 on Friday. Open Text has a 52 week low of $33.19 and a 52 week high of $56.97. The stock’s 50-day moving average is $48.97 and its 200-day moving average is $48.45. The company has a market cap of $6.616 billion and a P/E ratio of 30.21.
Open Text (NASDAQ:OTEX) last announced its 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. On average, analysts predict that Open Text will post $3.84 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 19th. Investors of record on Friday, August 29th will be given a dividend of $0.1725 per share. This represents a $0.69 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend is Wednesday, August 27th.
A number of research firms have recently commented on OTEX. Analysts at Zacks upgraded shares of Open Text from a “neutral” rating to an “outperform” rating in a research note on Tuesday. They now have a $56.70 price target on the stock. Separately, 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. Finally, 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.
Open Text Corporation (NASDAQ:OTEX) is engaged in providing a suite of information management software products.
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