Open Text (NASDAQ:OTEX) Rating Reiterated by Benchmark

Open Text (NASDAQ:OTEX) (TSE:OTC)‘s stock had its “buy” rating reissued by stock analysts at Benchmark in a research report issued on Thursday, MarketBeat.com reports. They presently have a $48.00 target price on the software maker’s stock, up from their previous target price of $42.00. Benchmark’s target price suggests a potential upside of 12.94% from the stock’s previous close.

Several other brokerages also recently commented on OTEX. Raymond James reaffirmed a “buy” rating and set a $21.00 price objective on shares of Colfax in a research note on Thursday, May 2nd. BidaskClub raised ZIX from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 3rd. Finally, Zacks Investment Research raised General Moly from a “sell” rating to a “hold” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Open Text presently has a consensus rating of “Buy” and a consensus price target of $46.09.

OTEX stock opened at $42.50 on Thursday. The company has a fifty day moving average of $41.13. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $11.59 billion, a P/E ratio of 42.11 and a beta of 0.48. Open Text has a twelve month low of $30.99 and a twelve month high of $43.14.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Wednesday, May 1st. The software maker reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.19. The business had revenue of $719.10 million for the quarter, compared to the consensus estimate of $710.47 million. Open Text had a return on equity of 7.31% and a net margin of 9.57%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS. Analysts predict that Open Text will post 1.16 EPS for the current year.

A number of institutional investors have recently modified their holdings of OTEX. Meridian Wealth Management LLC bought a new position in Open Text during the 1st quarter worth about $25,000. Zions Bancorporation N.A. bought a new position in Open Text during the 1st quarter worth about $27,000. Icon Wealth Partners LLC bought a new position in Open Text during the 1st quarter worth about $46,000. Shine Investment Advisory Services Inc. increased its holdings in Open Text by 18.3% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 2,622 shares of the software maker’s stock worth $101,000 after purchasing an additional 405 shares in the last quarter. Finally, Bremer Bank National Association bought a new position in Open Text during the 1st quarter worth about $109,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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: Dividend Stocks – Are They Right For You?

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.