In a report issued on July 25, Stephanie Price from CIBC maintained a Buy rating on Open Text (OTEX), with a price target of $53. The company’s shares opened today at $44.21, close to its 52-week high of $44.49.
According to TipRanks.com, Price is a 5-star analyst with an average return of 12.8% and a 75.5% success rate. Price covers the Technology sector, focusing on stocks such as Enghouse Systems Limited, Maxar Technologies Ltd, and CGI Group.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Open Text with a $45.50 average price target, implying a 2.9% upside from current levels. In a report released today, BMO Capital also maintained a Buy rating on the stock with a $48 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 $72.76 million. In comparison, last year the company had a net profit of $61.72 million.
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Open Text Corp. enagges in the design, development, marketing, and sales of enterprise information management software and solutions. Its services include consulting services; managed services; learning services; cloud managed services; and optimized service programs. The company was founded on June 26, 1991 and is headquartered in Waterloo, Canada.
