Open Text (OTEX) PT Set at $48.00 by Raymond James

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Open Text (NASDAQ:OTEX) (TSE:OTC) has been given a $48.00 price objective by Raymond James in a research report issued to clients and investors on Thursday. The firm presently has an “outperform” rating on the software maker’s stock. Raymond James’ target price points to a potential upside of 42.43% from the company’s current price.

Other equities analysts have also issued reports about the company. BMO Capital Markets set a $40.00 price target on Open Text and gave the company a “buy” rating in a research note on Thursday. BidaskClub lowered Open Text from a “hold” rating to a “sell” rating in a research note on Tuesday, October 9th. TD Securities increased their price target on Open Text from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Barclays raised their price objective on Open Text from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, August 6th. Finally, Royal Bank of Canada raised their price objective on Open Text from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 3rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Open Text has a consensus rating of “Buy” and an average target price of $44.00.

Open Text stock traded down $0.10 during midday trading on Thursday, reaching $33.70. 76,765 shares of the stock traded hands, compared to its average volume of 451,919. Open Text has a 12 month low of $32.05 and a 12 month high of $40.31. The firm has a market cap of $8.93 billion, a PE ratio of 37.07 and a beta of 0.27. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.70.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Wednesday, October 31st. The software maker reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Open Text had a return on equity of 8.09% and a net margin of 8.60%. The company had revenue of $667.20 million during the quarter, compared to analyst estimates of $692.53 million. During the same period in the prior year, the company earned $0.54 earnings per share. The firm’s revenue was up 4.1% on a year-over-year basis. As a group, equities research analysts forecast that Open Text will post 0.74 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the company. AdvisorNet Financial Inc purchased a new stake in shares of Open Text in the second quarter worth approximately $115,000. Tower Research Capital LLC TRC purchased a new stake in shares of Open Text in the second quarter worth approximately $160,000. Financial Gravity Wealth Inc. raised its holdings in shares of Open Text by 128.5% in the third quarter. Financial Gravity Wealth Inc. now owns 6,150 shares of the software maker’s stock worth $201,000 after buying an additional 3,458 shares during the period. A.R.T. Advisors LLC purchased a new stake in shares of Open Text in the first quarter worth approximately $236,000. Finally, Greenleaf Trust raised its holdings in shares of Open Text by 79.0% in the second quarter. Greenleaf Trust now owns 7,045 shares of the software maker’s stock worth $248,000 after buying an additional 3,110 shares during the period. 67.61% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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