In a report released yesterday, Phillip Huang from Barclays maintained a Buy rating on Open Text (NASDAQ: OTEX), with a price target of $48. The company’s shares closed yesterday at $37.76.
According to TipRanks.com, Huang is a 5-star analyst with an average return of 11.7% and a 83.7% success rate. Huang covers the Technology sector, focusing on stocks such as Rogers Communication, CGI Group, and Descartes.
Open Text has an analyst consensus of Strong Buy, with a price target consensus of $45.29, implying a 19.9% upside from current levels. In a report issued on July 24, Industrial Alliance Securities also maintained a Buy rating on the stock with a $40 price target.
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Based on Open Text’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $58.79 million. In comparison, last year the company had a net profit of $46.14 million.
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Open Text Corp. is an independent software company that provides software products and services that assist organizations in finding, utilizing, and sharing business information from any device. Its products and solutions include enterprise content management, digital asset management, cloud, business process management, content management and legal.
