Open Text (NASDAQ:OTEX) (TSE:OTC)‘s stock had its “average” rating restated by research analysts at CIBC in a research report issued to clients and investors on Friday. They presently have a $49.00 target price on the software maker’s stock. CIBC’s price objective suggests a potential upside of 42.07% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Raymond James reiterated an “outperform” rating and set a $48.00 price objective on shares of Open Text in a research note on Monday, October 22nd. BidaskClub lowered shares of Open Text from a “buy” rating to a “hold” rating in a research note on Friday, September 21st. BMO Capital Markets reiterated a “buy” rating and set a $40.00 price objective on shares of Open Text in a research note on Thursday, November 1st. Finally, Barclays reiterated a “buy” rating on shares of Open Text in a research note on Thursday, November 1st. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Open Text has an average rating of “Buy” and an average price target of $45.10.

Shares of NASDAQ OTEX traded up $0.02 during mid-day trading on Friday, reaching $34.49. 6,923 shares of the company traded hands, compared to its average volume of 432,037. Open Text has a fifty-two week low of $30.99 and a fifty-two week high of $40.31. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market capitalization of $9.18 billion, a PE ratio of 37.91 and a beta of 0.42.

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, beating the Zacks’ consensus estimate of $0.59 by $0.01. Open Text had a net margin of 8.51% and a return on equity of 7.99%. The business had revenue of $667.20 million for the quarter, compared to analyst estimates of $692.53 million. During the same quarter last year, the business earned $0.54 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. Sell-side analysts anticipate that Open Text will post 0.75 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its position in Open Text by 13.9% in the third quarter. The Manufacturers Life Insurance Company now owns 9,283,718 shares of the software maker’s stock worth $353,153,000 after buying an additional 1,136,163 shares during the last quarter. Vanguard Group Inc. grew its position in Open Text by 3.6% in the third quarter. Vanguard Group Inc. now owns 6,558,071 shares of the software maker’s stock worth $249,469,000 after buying an additional 225,874 shares during the last quarter. Vanguard Group Inc grew its position in Open Text by 3.6% in the third quarter. Vanguard Group Inc now owns 6,558,071 shares of the software maker’s stock worth $249,469,000 after buying an additional 225,874 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its position in Open Text by 1.0% in the third quarter. Disciplined Growth Investors Inc. MN now owns 5,496,882 shares of the software maker’s stock worth $209,101,000 after buying an additional 54,105 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Open Text by 18.2% in the third quarter. First Trust Advisors LP now owns 2,658,380 shares of the software maker’s stock worth $101,125,000 after buying an additional 410,155 shares during the last quarter. Hedge funds and other institutional investors own 67.26% of the company’s stock.

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.

Read More: Stochastic Momentum Index (SMI)

Analyst Recommendations for Open Text (NASDAQ:OTEX)

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