Shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) have been given an average rating of “Buy” by the thirteen analysts that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $42.29.

Several analysts recently issued reports on OTEX shares. BMO Capital Markets reiterated an “outperform” rating and set a $40.00 price target on shares of Open Text Corporation in a research report on Friday, August 4th. Scotiabank reiterated an “outperform” rating and set a $50.00 price target (up previously from $41.00) on shares of Open Text Corporation in a research report on Friday, August 4th. BidaskClub upgraded shares of Open Text Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Beacon Securities upgraded shares of Open Text Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Finally, Barclays PLC increased their price target on shares of Open Text Corporation from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th.

Open Text Corporation (OTEX) traded down 0.87% during midday trading on Tuesday, reaching $32.08. The company’s stock had a trading volume of 94,430 shares. The firm has a market cap of $8.44 billion, a P/E ratio of 8.00 and a beta of 0.48. The firm has a 50 day moving average price of $32.73 and a 200-day moving average price of $33.02. Open Text Corporation has a 52 week low of $29.30 and a 52 week high of $35.21.

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

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 1st will be issued a dividend of $0.132 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.63%. Open Text Corporation’s dividend payout ratio (DPR) is presently 12.74%.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Meadow Creek Investment Management LLC raised its stake in Open Text Corporation by 99.0% during the first quarter. Meadow Creek Investment Management LLC now owns 3,088 shares of the software maker’s stock worth $105,000 after buying an additional 1,536 shares during the last quarter. Neuburgh Advisers LLC raised its stake in Open Text Corporation by 99.0% during the first quarter. Neuburgh Advisers LLC now owns 4,246 shares of the software maker’s stock worth $144,000 after buying an additional 2,112 shares during the last quarter. Creative Planning raised its stake in Open Text Corporation by 100.0% during the first quarter. Creative Planning now owns 4,514 shares of the software maker’s stock worth $154,000 after buying an additional 2,257 shares during the last quarter. Wells Fargo & Company MN raised its stake in Open Text Corporation by 91.9% during the first quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock worth $163,000 after buying an additional 2,294 shares during the last quarter. Finally, Tyers Asset Management LLC raised its stake in Open Text Corporation by 99.0% during the first quarter. Tyers Asset Management LLC now owns 5,404 shares of the software maker’s stock worth $184,000 after buying an additional 2,688 shares during the last quarter. 66.28% of the stock is owned by institutional investors and hedge funds.

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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