Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) had its target price dropped by equities research analysts at BMO Capital Markets from $40.00 to $38.00 in a research note issued to investors on Friday, StockTargetPrices.com reports. BMO Capital Markets’ target price suggests a potential upside of 10.21% from the company’s previous close.

Several other research firms have also weighed in on OTEX. BidaskClub upgraded shares of Open Text Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Barclays PLC boosted their target price on shares of Open Text Corporation from $41.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. Zacks Investment Research lowered shares of Open Text Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, October 21st. TD Securities boosted their target price on shares of Open Text Corporation from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Friday. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $40.00 target price on shares of Open Text Corporation in a research note on Wednesday, July 12th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $41.56.

Shares of Open Text Corporation (OTEX) traded up $0.22 during trading hours on Friday, hitting $34.48. 917,541 shares of the company were exchanged, compared to its average volume of 414,461. The firm has a market cap of $9.04 billion, a P/E ratio of 60.00 and a beta of 0.47.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.07). Open Text Corporation had a return on equity of 6.56% and a net margin of 6.12%. The company had revenue of $663.60 million during the quarter, compared to the consensus estimate of $662.36 million. During the same quarter last year, the firm posted $0.45 EPS. The firm’s quarterly revenue was up 37.2% on a year-over-year basis. analysts expect that Open Text Corporation will post 0.67 earnings per share for the current fiscal year.

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Several institutional investors and hedge funds have recently made changes to their positions in OTEX. Wells Fargo & Company MN boosted its holdings in shares of 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 valued at $163,000 after acquiring an additional 2,294 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Open Text Corporation by 103.8% during the first quarter. Alliancebernstein L.P. now owns 10,626 shares of the software maker’s stock valued at $361,000 after acquiring an additional 5,413 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Open Text Corporation by 126.3% during the first quarter. Vanguard Group Inc. now owns 5,446,137 shares of the software maker’s stock valued at $185,223,000 after acquiring an additional 3,039,282 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Open Text Corporation by 138.3% during the first quarter. Geode Capital Management LLC now owns 267,636 shares of the software maker’s stock valued at $9,070,000 after acquiring an additional 155,340 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Open Text Corporation by 73.6% during the first quarter. Dimensional Fund Advisors LP now owns 63,071 shares of the software maker’s stock valued at $2,145,000 after acquiring an additional 26,733 shares during the period. 66.28% of the stock is owned by institutional investors.

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.

Stock Target Prices

Analyst Recommendations for Open Text Corporation (NASDAQ:OTEX)

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