Open Text (NASDAQ:OTEX) Hits New 1-Year High at $46.50

Open Text Corp (NASDAQ:OTEX) (TSE:OTC) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $46.50 and last traded at $46.49, with a volume of 16595 shares changing hands. The stock had previously closed at $45.63.

A number of equities research analysts have recently commented on OTEX shares. CIBC reiterated a “buy” rating on shares of Open Text in a research report on Tuesday, October 29th. Royal Bank of Canada lifted their target price on Open Text from $47.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Raymond James set a $48.00 target price on Open Text and gave the company an “outperform” rating in a report on Thursday, December 19th. Zacks Investment Research lowered shares of Open Text from a “buy” rating to a “hold” rating in a research report on Thursday, January 2nd. Finally, BidaskClub raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $48.00.

The company has a market cap of $12.50 billion, a price-to-earnings ratio of 43.86 and a beta of 0.57. The company’s 50 day moving average price is $43.94 and its 200 day moving average price is $41.67. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.62 and a current ratio of 1.62.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, October 31st. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.36. The business had revenue of $696.90 million during the quarter, compared to analyst estimates of $703.13 million. Open Text had a net margin of 11.16% and a return on equity of 8.40%. Open Text’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.60 EPS. On average, equities research analysts forecast that Open Text Corp will post 1.56 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the company. OmniStar Financial Group Inc. bought a new stake in Open Text in the fourth quarter valued at about $935,000. Hexavest Inc. lifted its holdings in Open Text by 10.8% during the 4th quarter. Hexavest Inc. now owns 72,131 shares of the software maker’s stock valued at $3,183,000 after purchasing an additional 7,034 shares during the last quarter. Accurate Investment Solutions Inc. boosted its position in Open Text by 212.5% in the fourth quarter. Accurate Investment Solutions Inc. now owns 1,428 shares of the software maker’s stock valued at $63,000 after buying an additional 971 shares in the last quarter. Banco de Sabadell S.A acquired a new position in Open Text in the third quarter valued at about $1,919,000. Finally, Disciplined Growth Investors Inc. MN grew its stake in Open Text by 1.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 4,898,127 shares of the software maker’s stock worth $199,893,000 after buying an additional 70,869 shares during the last quarter. 65.42% of the stock is currently owned by institutional investors.

Open Text Company Profile (NASDAQ:OTEX)

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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