Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) had its target price upped by equities research analysts at TD Securities from $38.00 to $51.00 in a research report issued on Friday. The brokerage presently has a “buy” rating on the software maker’s stock. TD Securities’ price target would suggest a potential upside of 47.91% from the company’s previous close.

OTEX has been the topic of several other reports. Zacks Investment Research downgraded shares of Open Text Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, October 21st. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $40.00 target price on shares of Open Text Corporation in a research note on Monday. Scotiabank reaffirmed an “outperform” rating and issued a $50.00 target price (up from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. BMO Capital Markets reissued an “outperform” rating and set a $40.00 price objective on shares of Open Text Corporation in a research report on Friday, August 4th. Finally, Barclays PLC boosted their price objective on shares of Open Text Corporation from $41.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $41.56.

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

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing the 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 firm had revenue of $663.60 million during the quarter, compared to analysts’ expectations of $662.36 million. During the same period in the previous year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 37.2% compared to the same quarter last year. equities research analysts expect that Open Text Corporation will post 0.67 EPS for the current fiscal year.

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Several large investors have recently added to or reduced their stakes in the company. FDx Advisors Inc. grew its position in shares of Open Text Corporation by 74.7% in the 3rd quarter. FDx Advisors Inc. now owns 13,481 shares of the software maker’s stock worth $435,000 after buying an additional 5,765 shares during the period. Jaffetilchin Investment Partners LLC grew its position in shares of Open Text Corporation by 21.2% in the 3rd quarter. Jaffetilchin Investment Partners LLC now owns 26,421 shares of the software maker’s stock worth $853,000 after buying an additional 4,614 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Open Text Corporation by 164.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 470,390 shares of the software maker’s stock worth $15,142,000 after buying an additional 292,558 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in shares of Open Text Corporation by 14.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 57,900 shares of the software maker’s stock worth $1,870,000 after buying an additional 7,137 shares during the period. Finally, Highstreet Asset Management Inc. grew its position in shares of Open Text Corporation by 15.1% in the 3rd quarter. Highstreet Asset Management Inc. now owns 620,474 shares of the software maker’s stock worth $20,020,000 after buying an additional 81,322 shares during the period. 66.28% of the stock is currently owned by hedge funds and other 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.

Analyst Recommendations for Open Text Corporation (NASDAQ:OTEX)

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