Open Text Receives Consensus Recommendation of “Buy” from Analysts (NASDAQ:OTEX)
Open Text (NASDAQ:OTEX) has earned a consensus recommendation of “Buy” from the twelve analysts that are currently covering the company, Analyst Ratings.Net reports. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $78.87.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Open Text from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 5th. 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 (NASDAQ:OTEX) opened at 55.40 on Friday. Open Text has a 1-year low of $33.305 and a 1-year high of $56.97. The stock’s 50-day moving average is $49.40 and its 200-day moving average is $48.59. The company has a market cap of $6.703 billion and a P/E ratio of 30.06.
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 1.25%. The ex-dividend date is Wednesday, August 27th.
Open Text Corporation (NASDAQ:OTEX) is engaged in providing a suite of information management software products.
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