Open Text (TSE:OTEX) Shares Cross Above Fifty Day Moving Average – Here’s Why

Shares of Open Text Co. (TSE:OTEX) (NASDAQ:OTEX) passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$31.47 and traded as high as C$32.95. Open Text shares last traded at C$32.67, with a volume of 1,255,654 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, TD decreased their price objective on Open Text from C$28.00 to C$27.00 and set a “hold” rating on the stock in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and an average target price of C$27.50.

Open Text Price Performance

The company has a 50-day moving average of C$31.48 and a two-hundred day moving average of C$34.66. The company has a debt-to-equity ratio of 161.91, a current ratio of 0.92 and a quick ratio of 1.34. The stock has a market capitalization of C$7.94 billion, a PE ratio of 15.89, a P/E/G ratio of 1.35 and a beta of 1.25.

Open Text (TSE:OTEX) (NASDAQ:OTEX) last posted its quarterly earnings data on Thursday, May 7th. The company reported C$1.40 EPS for the quarter. Open Text had a net margin of 9.89% and a return on equity of 12.88%. The company had revenue of C$1.78 billion during the quarter. Sell-side analysts predict that Open Text Co. will post 4.9036649 EPS for the current fiscal year.

Insider Transactions at Open Text

In related news, insider Paul Michael Duggan sold 4,624 shares of Open Text stock in a transaction on Monday, June 1st. The shares were sold at an average price of C$33.70, for a total transaction of C$155,828.80. Following the transaction, the insider owned 13,790 shares in the company, valued at approximately C$464,723. The trade was a 25.11% decrease in their position. Insiders have sold 13,870 shares of company stock worth $456,046 in the last ninety days. 2.11% of the stock is owned by insiders.

Open Text Company Profile

OpenText¿ is a leading Cloud and AI company that provides organizations around the world with a comprehensive suite of Business AI, Business Clouds, and Business Technology. We help organizations grow, innovate, become more efficient and effective, and do so in a trusted and secure way – through Information Management.