Open Text Hits New 12-Month High at $57.38 (OTEX)
Open Text (NASDAQ:OTEX)’s share price hit a new 52-week high during mid-day trading on Wednesday , Stock Ratings Network reports. The company traded as high as $57.38 and last traded at $57.19, with a volume of 99,459 shares changing hands. The stock had previously closed at $56.44.
A number of analysts have recently weighed in on OTEX shares. 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. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Open Text presently has a consensus rating of “Buy” and an average target price of $78.87.
The stock’s 50-day moving average is $52.86 and its 200-day moving average is $49.2. The company has a market cap of $6.984 billion and a price-to-earnings ratio of 31.18.
Open Text (NASDAQ:OTEX) last released its earnings data on Wednesday, July 30th. The company reported $1.05 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.43 earnings per share. Open Text’s revenue was up 42.2% compared to the same quarter last year. Analysts expect that Open Text will post $3.84 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 19th. Shareholders 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 1.22%. The ex-dividend date of this dividend is Wednesday, August 27th.
Open Text Corporation (NASDAQ:OTEX) is engaged in providing a suite of information management software products.
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