Royal Bank Of Canada reiterated their buy rating on shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in a research note published on Monday morning. They currently have a $40.00 target price on the software maker’s stock.

A number of other research analysts have also recently commented on the company. Zacks Investment Research upgraded Open Text Corporation from a hold rating to a buy rating and set a $38.00 price objective on the stock in a research note on Wednesday, October 18th. Beacon Securities upgraded Open Text Corporation from a hold rating to a buy rating in a research note on Wednesday, July 5th. Barclays PLC boosted their price objective on Open Text Corporation from $41.00 to $43.00 and gave the stock an overweight rating in a research note on Friday, August 4th. BidaskClub upgraded Open Text Corporation from a sell rating to a hold rating in a research note on Thursday, July 13th. Finally, Scotiabank restated an outperform rating and set a $50.00 price objective (up previously from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $41.75.

Open Text Corporation (NASDAQ OTEX) traded up 0.20% during midday trading on Monday, hitting $35.01. The company had a trading volume of 308,199 shares. The firm has a market cap of $9.21 billion, a price-to-earnings ratio of 8.73 and a beta of 0.48. Open Text Corporation has a 52-week low of $29.30 and a 52-week high of $35.21. The stock has a 50 day moving average of $32.96 and a 200 day moving average of $32.77.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.07). The company had revenue of $663.60 million for the quarter, compared to analyst estimates of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. The company’s revenue for the quarter was up 37.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, analysts anticipate that Open Text Corporation will post $2.48 EPS for the current year.

COPYRIGHT VIOLATION WARNING: This news story was originally reported by TheOlympiaReport and is owned by of TheOlympiaReport. If you are viewing this news story on another site, it was illegally copied and republished in violation of international trademark and copyright laws. The correct version of this news story can be read at https://theolympiareport.com/2017/10/31/open-text-corporation-otex-given-buy-rating-at-royal-bank-of-canada.html.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN increased its position in shares of Open Text Corporation by 91.9% during the first quarter. Wells Fargo & Company MN now owns 4,790 shares of the software maker’s stock worth $163,000 after acquiring an additional 2,294 shares during the last quarter. Bank of Nova Scotia Trust Co. increased its position in shares of Open Text Corporation by 7.5% during the second quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock worth $205,000 after acquiring an additional 452 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of Open Text Corporation by 100.0% during the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 6,200 shares of the software maker’s stock worth $210,000 after acquiring an additional 3,100 shares during the last quarter. Creative Planning increased its position in shares of Open Text Corporation by 48.7% during the second quarter. Creative Planning now owns 6,714 shares of the software maker’s stock worth $212,000 after acquiring an additional 2,200 shares during the last quarter. Finally, Yorktown Management & Research Co Inc purchased a new stake in shares of Open Text Corporation during the second quarter worth about $243,000. 66.28% of the stock is currently owned by institutional investors and hedge funds.

About Open Text Corporation

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)

Receive News & Ratings for Open Text Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.