Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage currently has a $42.00 price target on the software maker’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.42% from the stock’s previous close.
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 firms have also issued reports on OTEX. Raymond James set a $48.00 target price on Open Text and gave the company an “outperform” rating in a report on Thursday, November 1st. CIBC reissued an “average” rating and set a $49.00 price objective on shares of Open Text in a report on Friday, January 11th. BMO Capital Markets reissued a “buy” rating and set a $40.00 price objective on shares of Open Text in a report on Thursday, November 1st. BidaskClub raised Open Text from a “sell” rating to a “hold” rating in a report on Wednesday, December 12th. Finally, Royal Bank of Canada lifted their price objective on Open Text from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, February 1st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Open Text currently has an average rating of “Buy” and a consensus target price of $45.30.
OTEX opened at $37.03 on Friday. The company has a market capitalization of $9.95 billion, a price-to-earnings ratio of 38.18 and a beta of 0.54. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.69. Open Text has a 12-month low of $30.99 and a 12-month high of $40.01.
Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, January 31st. The software maker reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.16. The firm had revenue of $735.23 million for the quarter, compared to analyst estimates of $744.81 million. Open Text had a return on equity of 7.00% and a net margin of 9.19%. Research analysts expect that Open Text will post 0.83 EPS for the current fiscal year.
Large investors have recently made changes to their positions in the company. Enlightenment Research LLC acquired a new stake in shares of Open Text during the 4th quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. bought a new position in shares of Open Text during the 4th quarter worth approximately $31,000. Dubuque Bank & Trust Co. bought a new position in shares of Open Text during the 4th quarter worth approximately $46,000. Lindbrook Capital LLC bought a new position in shares of Open Text during the 4th quarter worth approximately $56,000. Finally, Quadrant Capital Group LLC lifted its position in shares of Open Text by 813.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,586 shares of the software maker’s stock worth $81,000 after buying an additional 2,303 shares during the period. 67.19% of the stock is currently owned by institutional investors.
Open Text Company Profile
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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