Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) has received an average rating of “Buy” from the thirteen ratings firms that are currently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $42.29.

OTEX has been the subject of a number of research reports. TD Securities reiterated a “buy” rating and issued a $52.00 price objective on shares of Open Text Corporation in a report on Tuesday, May 2nd. Scotiabank reiterated an “outperform” rating and issued a $56.00 price objective (up from $41.00) on shares of Open Text Corporation in a report on Thursday, May 4th. Zacks Investment Research cut Open Text Corporation from a “hold” rating to a “sell” rating in a report on Saturday, May 13th. BidaskClub cut Open Text Corporation from a “hold” rating to a “sell” rating in a report on Thursday, June 29th. Finally, BMO Capital Markets set a $38.00 price objective on Open Text Corporation and gave the stock a “buy” rating in a report on Tuesday, May 9th.

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Shares of Open Text Corporation (NASDAQ:OTEX) traded up 0.19% during mid-day trading on Friday, hitting $31.83. The stock had a trading volume of 137,303 shares. The firm has a 50 day moving average price of $32.57 and a 200-day moving average price of $33.19. Open Text Corporation has a 12 month low of $29.30 and a 12 month high of $35.21. The stock has a market cap of $8.37 billion, a P/E ratio of 7.94 and a beta of 0.51.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by $0.07. The business had revenue of $663.60 million during the quarter, compared to the consensus estimate of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. Open Text Corporation’s revenue was up 37.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share. On average, equities research analysts forecast that Open Text Corporation will post $2.47 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 1st will be issued a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Wednesday, August 30th. Open Text Corporation’s dividend payout ratio is presently 12.74%.

A number of large investors have recently modified their holdings of the stock. First Mercantile Trust Co. boosted its stake in shares of Open Text Corporation by 91.6% in the first quarter. First Mercantile Trust Co. now owns 15,565 shares of the software maker’s stock valued at $529,000 after buying an additional 7,440 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in shares of Open Text Corporation by 98.6% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 121,110 shares of the software maker’s stock valued at $4,113,000 after buying an additional 60,120 shares in the last quarter. Korea Investment CORP boosted its stake in shares of Open Text Corporation by 55.5% in the first quarter. Korea Investment CORP now owns 27,993 shares of the software maker’s stock valued at $949,000 after buying an additional 9,993 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Open Text Corporation by 3.8% in the first quarter. Nationwide Fund Advisors now owns 51,500 shares of the software maker’s stock valued at $1,752,000 after buying an additional 1,900 shares in the last quarter. Finally, Barometer Capital Management Inc. boosted its stake in shares of Open Text Corporation by 288.5% in the first quarter. Barometer Capital Management Inc. now owns 595,050 shares of the software maker’s stock valued at $20,238,000 after buying an additional 441,900 shares in the last quarter. Institutional investors own 67.81% of the company’s stock.

Open Text Corporation Company Profile

Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

Analyst Recommendations for Open Text Corporation (NASDAQ:OTEX)

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