Open Text (OTEX) Given a $48.00 Price Target by Raymond James Analysts

Open Text (NASDAQ:OTEX) (TSE:OTC) has been given a $48.00 price target by stock analysts at Raymond James in a research report issued on Thursday. The brokerage currently has an “outperform” rating on the software maker’s stock. Raymond James’ price target would suggest a potential upside of 44.75% from the stock’s current price.

Other research analysts also recently issued research reports about the company. TD Securities raised their price objective on Open Text from $40.00 to $43.00 and gave the stock a “buy” rating in a research note on Friday, August 3rd. BidaskClub downgraded Open Text from a “buy” rating to a “hold” rating in a research note on Friday, September 21st. BMO Capital Markets reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Open Text in a research note on Thursday. Barclays raised their price objective on Open Text from $46.00 to $48.00 and gave the stock 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 stock an “outperform” rating in a research note on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. Open Text currently has a consensus rating of “Buy” and a consensus target price of $44.00.

Shares of NASDAQ OTEX traded down $0.81 during trading on Thursday, hitting $33.16. The company had a trading volume of 580,271 shares, compared to its average volume of 457,965. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.70. Open Text has a 12 month low of $31.98 and a 12 month high of $40.31. The company has a market capitalization of $9.07 billion, a P/E ratio of 36.44 and a beta of 0.46.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, October 31st. The software maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. Open Text had a return on equity of 8.02% and a net margin of 8.51%. The firm had revenue of $667.20 million for the quarter, compared to the consensus estimate of $692.53 million. During the same quarter last year, the company earned $0.54 earnings per share. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. Research analysts anticipate that Open Text will post 0.74 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. raised its stake in Open Text by 9.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 16,269 shares of the software maker’s stock valued at $573,000 after purchasing an additional 1,372 shares during the period. Thomas White International Ltd. raised its stake in Open Text by 1.6% during the 2nd quarter. Thomas White International Ltd. now owns 89,761 shares of the software maker’s stock valued at $3,159,000 after purchasing an additional 1,442 shares during the period. CLARET ASSET MANAGEMENT Corp raised its stake in Open Text by 36.8% during the 3rd quarter. CLARET ASSET MANAGEMENT Corp now owns 9,475 shares of the software maker’s stock valued at $360,000 after purchasing an additional 2,551 shares during the period. Eqis Capital Management Inc. raised its stake in Open Text by 20.4% during the 2nd quarter. Eqis Capital Management Inc. now owns 15,766 shares of the software maker’s stock valued at $555,000 after purchasing an additional 2,669 shares during the period. Finally, Eagle Global Advisors LLC raised its stake in Open Text by 5.7% during the 2nd quarter. Eagle Global Advisors LLC now owns 50,140 shares of the software maker’s stock valued at $1,764,000 after purchasing an additional 2,700 shares during the period. 67.61% 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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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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