Open Text Corporation (OTEX) Stock Rating Upgraded by Zacks Investment Research

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm currently has a $38.00 target price on the software maker’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.76% from the company’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 analysts have also weighed in on OTEX. BMO Capital Markets restated an “outperform” rating and set a $40.00 target price on shares of Open Text Corporation in a report on Friday, August 4th. Scotiabank restated an “outperform” rating and set a $50.00 target price (up previously from $41.00) on shares of Open Text Corporation in a report on Friday, August 4th. BidaskClub upgraded Open Text Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Barclays PLC upped their target price on Open Text Corporation from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, August 4th. Finally, Beacon Securities upgraded Open Text Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Open Text Corporation currently has a consensus rating of “Buy” and a consensus price target of $41.75.

Open Text Corporation (NASDAQ:OTEX) opened at 33.70 on Wednesday. The firm’s 50-day moving average price is $32.33 and its 200-day moving average price is $32.73. The stock has a market cap of $8.86 billion, a PE ratio of 8.40 and a beta of 0.47. Open Text Corporation has a 52 week low of $29.30 and a 52 week high of $35.21.

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

TRADEMARK VIOLATION NOTICE: This story was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this story on another website, it was illegally stolen and republished in violation of United States & international copyright law. The correct version of this story can be accessed at https://ledgergazette.com/2017/10/18/open-text-corporation-otex-stock-rating-upgraded-by-zacks-investment-research.html.

Several institutional investors and hedge funds have recently modified their holdings of OTEX. Wells Fargo & Company MN lifted its holdings in shares of Open Text Corporation by 91.9% during the 1st quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock valued at $163,000 after purchasing an additional 2,294 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Open Text Corporation by 126.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,244 shares of the software maker’s stock valued at $348,000 after purchasing an additional 5,722 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Open Text Corporation by 107.8% during the 1st quarter. Bank of New York Mellon Corp now owns 355,167 shares of the software maker’s stock valued at $12,080,000 after purchasing an additional 184,231 shares during the last quarter. Comerica Bank lifted its holdings in shares of Open Text Corporation by 104.2% during the 1st quarter. Comerica Bank now owns 14,355 shares of the software maker’s stock valued at $496,000 after purchasing an additional 7,324 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Open Text Corporation by 122.9% during the 1st quarter. JPMorgan Chase & Co. now owns 237,580 shares of the software maker’s stock valued at $8,079,000 after purchasing an additional 130,975 shares during the last quarter. Hedge funds and other institutional investors own 66.26% of the company’s stock.

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 (CE

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 analysts have also weighed in on OTEX. BMO Capital Markets restated an “outperform” rating and set a $40.00 target price on shares of Open Text Corporation in a report on Friday, August 4th. Scotiabank restated an “outperform” rating and set a $50.00 target price (up previously from $41.00) on shares of Open Text Corporation in a report on Friday, August 4th. BidaskClub upgraded Open Text Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Barclays PLC upped their target price on Open Text Corporation from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, August 4th. Finally, Beacon Securities upgraded Open Text Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Open Text Corporation currently has a consensus rating of “Buy” and a consensus price target of $41.75.

Open Text Corporation (NASDAQ:OTEX) opened at 33.70 on Wednesday. The firm’s 50-day moving average price is $32.33 and its 200-day moving average price is $32.73. The stock has a market cap of $8.86 billion, a PE ratio of 8.40 and a beta of 0.47. Open Text Corporation has a 52 week low of $29.30 and a 52 week high of $35.21.

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

TRADEMARK VIOLATION NOTICE: This story was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this story on another website, it was illegally stolen and republished in violation of United States & international copyright law. The correct version of this story can be accessed at https://ledgergazette.com/2017/10/18/open-text-corporation-otex-stock-rating-upgraded-by-zacks-investment-research.html.

Several institutional investors and hedge funds have recently modified their holdings of OTEX. Wells Fargo & Company MN lifted its holdings in shares of Open Text Corporation by 91.9% during the 1st quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock valued at $163,000 after purchasing an additional 2,294 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Open Text Corporation by 126.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 10,244 shares of the software maker’s stock valued at $348,000 after purchasing an additional 5,722 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Open Text Corporation by 107.8% during the 1st quarter. Bank of New York Mellon Corp now owns 355,167 shares of the software maker’s stock valued at $12,080,000 after purchasing an additional 184,231 shares during the last quarter. Comerica Bank lifted its holdings in shares of Open Text Corporation by 104.2% during the 1st quarter. Comerica Bank now owns 14,355 shares of the software maker’s stock valued at $496,000 after purchasing an additional 7,324 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Open Text Corporation by 122.9% during the 1st quarter. JPMorgan Chase & Co. now owns 237,580 shares of the software maker’s stock valued at $8,079,000 after purchasing an additional 130,975 shares during the last quarter. Hedge funds and other institutional investors own 66.26% of the company’s stock.

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.

Analyst Recommendations for Open Text Corporation (NASDAQ:OTEX)

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