Open Text (NASDAQ:OTEX) Given a $60.00 Price Target by Raymond James Analysts

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) received a $60.00 target price from investment analysts at Raymond James in a note issued to investors on Thursday, BayStreet.CA reports. The firm currently has an “outperform” rating on the software maker’s stock. Raymond James’ price target points to a potential upside of 56.58% from the stock’s previous close.

OTEX has been the topic of a number of other reports. BMO Capital Markets lowered their target price on Open Text from C$58.00 to C$53.00 in a research report on Friday, February 4th. StockNews.com assumed coverage on Open Text in a research report on Thursday, March 31st. They set a “strong-buy” rating on the stock. Zacks Investment Research lowered Open Text from a “hold” rating to a “sell” rating in a research report on Wednesday, April 6th. Finally, Barclays lowered their target price on Open Text from $58.00 to $50.00 in a research report on Wednesday, January 12th. One 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Open Text presently has an average rating of “Buy” and a consensus price target of $53.50.

Open Text stock opened at $38.32 on Thursday. The stock has a market capitalization of $10.36 billion, a price-to-earnings ratio of 22.02 and a beta of 0.93. Open Text has a 52-week low of $37.37 and a 52-week high of $55.25. The stock’s 50 day moving average price is $41.96 and its two-hundred day moving average price is $45.59. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.61 and a current ratio of 1.61.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last posted its quarterly earnings results on Wednesday, May 4th. The software maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $882.30 million for the quarter, compared to analysts’ expectations of $883.76 million. Open Text had a return on equity of 20.67% and a net margin of 14.35%. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 EPS. On average, equities research analysts forecast that Open Text will post 3.09 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of OTEX. Amundi Pioneer Asset Management Inc. boosted its stake in Open Text by 194.4% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 215,206 shares of the software maker’s stock worth $8,270,000 after purchasing an additional 142,096 shares during the period. Millennium Management LLC bought a new stake in Open Text in the 2nd quarter worth approximately $505,000. Morgan Stanley lifted its position in Open Text by 21.1% in the 2nd quarter. Morgan Stanley now owns 321,322 shares of the software maker’s stock worth $16,323,000 after buying an additional 56,035 shares during the last quarter. Raymond James & Associates lifted its position in Open Text by 17.4% in the 3rd quarter. Raymond James & Associates now owns 5,167 shares of the software maker’s stock worth $252,000 after buying an additional 766 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in Open Text by 95.7% in the 3rd quarter. Van ECK Associates Corp now owns 1,548 shares of the software maker’s stock worth $75,000 after buying an additional 757 shares during the last quarter. Institutional investors and hedge funds own 70.43% of the company’s stock.

About Open Text (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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