Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) had its price target increased by equities research analysts at CIBC from $41.00 to $42.00 in a research report issued to clients and investors on Friday, StockTargetPrices.com reports. CIBC’s target price would suggest a potential upside of 21.81% from the stock’s previous close.

OTEX has been the topic of a number of other reports. Scotiabank reaffirmed an “outperform” rating and set a $50.00 price target (up from $41.00) on shares of Open Text Corporation in a research report on Friday, August 4th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $40.00 price target on shares of Open Text Corporation in a research report on Monday. Zacks Investment Research raised shares of Open Text Corporation from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 12th. BMO Capital Markets reaffirmed an “outperform” rating and set a $40.00 price target on shares of Open Text Corporation in a research report on Friday, August 4th. Finally, TD Securities lifted their price target on shares of Open Text Corporation from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $41.56.

Open Text Corporation (OTEX) traded up $0.22 on Friday, hitting $34.48. 917,541 shares of the company traded hands, compared to its average volume of 414,461. The firm has a market capitalization of $9.04 billion, a price-to-earnings ratio of 60.00 and a beta of 0.47.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 3rd. The software maker reported $0.17 earnings per share (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 6.56% and a net margin of 6.12%. The company had revenue of $663.60 million during the quarter, compared to analyst estimates of $662.36 million. During the same period in the prior year, the business posted $0.45 earnings per share. Open Text Corporation’s revenue was up 37.2% on a year-over-year basis. sell-side analysts anticipate 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 bought and sold shares of OTEX. Vanguard Group Inc. raised its stake 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 purchasing an additional 3,039,282 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Open Text Corporation by 67.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,068,128 shares of the software maker’s stock valued at $65,198,000 after purchasing an additional 832,902 shares during the period. Highstreet Asset Management Inc. raised its stake in shares of Open Text Corporation by 331.1% during the second quarter. Highstreet Asset Management Inc. now owns 539,152 shares of the software maker’s stock valued at $17,026,000 after purchasing an additional 414,077 shares during the period. Fiera Capital Corp raised its stake in shares of Open Text Corporation by 15.9% during the second quarter. Fiera Capital Corp now owns 3,007,953 shares of the software maker’s stock valued at $94,770,000 after purchasing an additional 411,920 shares during the period. Finally, Koch Industries Inc. raised its stake in shares of Open Text Corporation by 4,756.9% during the second quarter. Koch Industries Inc. now owns 351,497 shares of the software maker’s stock valued at $341,000 after purchasing an additional 344,260 shares during the period. Institutional investors own 66.28% of the company’s stock.

About Open Text Corporation

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.

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Analyst Recommendations for Open Text Corporation (NASDAQ:OTEX)

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