Open Text (NASDAQ:OTEX) Upgraded by StockNews.com to Strong-Buy

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.

A number of other equities research analysts have also recently commented on OTEX. Royal Bank of Canada lowered their price objective on shares of Open Text from $62.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, May 5th. TheStreet lowered shares of Open Text from a “b-” rating to a “c” rating in a report on Tuesday. BMO Capital Markets cut their price objective on shares of Open Text from C$58.00 to C$53.00 in a report on Friday, February 4th. TD Securities cut their price objective on shares of Open Text from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, May 5th. Finally, Raymond James set a $60.00 price target on shares of Open Text and gave the company an “outperform” rating in a report on Thursday, May 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $53.50.

Shares of OTEX traded up $0.99 during trading hours on Thursday, reaching $41.27. The company had a trading volume of 587,112 shares, compared to its average volume of 616,273. The firm has a 50 day simple moving average of $40.37 and a 200-day simple moving average of $43.96. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $11.16 billion, a price-to-earnings ratio of 23.72 and a beta of 0.93. Open Text has a 12-month low of $35.04 and a 12-month high of $55.25.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last announced its quarterly earnings results on Wednesday, May 4th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.01. The business had revenue of $882.30 million during the quarter, compared to the consensus estimate of $883.76 million. Open Text had a net margin of 13.66% and a return on equity of 20.16%. The business’s revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 EPS. Sell-side analysts forecast that Open Text will post 3.04 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of OTEX. Norges Bank purchased a new stake in shares of Open Text during the fourth quarter valued at approximately $133,815,000. National Bank of Canada FI acquired a new stake in shares of Open Text during the fourth quarter worth approximately $91,418,000. Harris Associates L P grew its position in shares of Open Text by 23.5% during the first quarter. Harris Associates L P now owns 10,109,221 shares of the software maker’s stock worth $428,536,000 after buying an additional 1,921,206 shares in the last quarter. First Pacific Advisors LP grew its position in shares of Open Text by 171.0% during the fourth quarter. First Pacific Advisors LP now owns 2,173,529 shares of the software maker’s stock worth $103,199,000 after buying an additional 1,371,490 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Open Text by 14.2% during the first quarter. American Century Companies Inc. now owns 6,113,599 shares of the software maker’s stock worth $259,218,000 after buying an additional 760,505 shares in the last quarter. Institutional investors own 70.43% of the company’s stock.

Open Text Company Profile (Get Rating)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

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