Open Text Corporation (OTEX) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) from a hold rating to a buy rating in a report published on Wednesday, October 18th. Zacks Investment Research currently has $38.00 price target on the software maker’s stock.

According to Zacks, “Open Text Corporation is engaged in development of innovative intranet, extranet and e-Business applications. Since creating one of the first search engines to index the World Wide Web, the company has remained at the forefront of Internet-based technologies. Open Text solutions allow individuals, teams, organizations, and global trading communities to collaborate on projects, share ideas and accelerate innovation to the fastest possible speed. Open Text Corporation is headquartered in Waterloo, Canada. “

A number of other research analysts also recently weighed in on the stock. Scotiabank reiterated an outperform rating and issued a $50.00 price target (up from $41.00) on shares of Open Text Corporation in a research report on Friday, August 4th. BidaskClub downgraded shares of Open Text Corporation from a hold rating to a sell rating in a research report on Thursday, June 29th. Royal Bank Of Canada reiterated a buy rating and issued a $40.00 price target on shares of Open Text Corporation in a research report on Wednesday, July 12th. BMO Capital Markets reiterated an outperform rating and issued a $40.00 price target on shares of Open Text Corporation in a research report on Friday, August 4th. Finally, Beacon Securities upgraded shares of Open Text Corporation from a hold rating to a buy rating in a research report on Wednesday, July 5th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $41.75.

Shares of Open Text Corporation (OTEX) traded up 0.99% during midday trading on Wednesday, hitting $34.72. 549,445 shares of the stock traded hands. Open Text Corporation has a 52 week low of $29.30 and a 52 week high of $35.21. The firm has a market capitalization of $9.13 billion, a PE ratio of 8.66 and a beta of 0.47. The company’s 50-day moving average is $32.88 and its 200 day moving average is $32.77.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.07). The company had revenue of $663.60 million for the quarter, compared to the consensus estimate of $662.36 million. Open Text Corporation had a net margin of 44.77% and a return on equity of 8.92%. The firm’s revenue for the quarter was up 37.2% on a year-over-year basis. During the same quarter last year, the company earned $0.45 EPS. Analysts anticipate that Open Text Corporation will post $2.48 earnings per share for the current year.

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Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of Open Text Corporation by 73.6% in the first quarter. Dimensional Fund Advisors LP now owns 63,071 shares of the software maker’s stock worth $2,145,000 after purchasing an additional 26,733 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Open Text Corporation by 0.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 799,840 shares of the software maker’s stock worth $25,200,000 after purchasing an additional 4,998 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Open Text Corporation by 107.8% in the first quarter. Bank of New York Mellon Corp now owns 355,167 shares of the software maker’s stock worth $12,080,000 after purchasing an additional 184,231 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of Open Text Corporation by 170.2% in the first quarter. Bank of Nova Scotia now owns 155,100 shares of the software maker’s stock worth $5,272,000 after purchasing an additional 97,691 shares in the last quarter. Finally, Fiera Capital Corp increased its stake in shares of Open Text Corporation by 15.9% in the second quarter. Fiera Capital Corp now owns 3,007,953 shares of the software maker’s stock worth $94,770,000 after purchasing an additional 411,920 shares in the last quarter. 66.25% of the stock is 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.

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