Open Text Receives a Buy from BMO Capital

By Jason Carr

BMO Capital analyst Thanos Moschopoulos reiterated a Buy rating on Open Text (NASDAQ: OTEX) today and set a price target of $73. The company’s shares opened today at $60.17.

According to TipRanks.com, Moschopoulos is a 2-star analyst with an average return of 0.3% and a 42.9% success rate. Moschopoulos covers the Technology sector, focusing on stocks such as Samsung Electronics, Sierra Wireless, and Celestica.

Currently, the analyst consensus on Open Text is Strong Buy and the average price target is $64.50, representing a 7.2% upside.

In a report issued on October 20, Mitsubishi UFJ also initiated coverage with a Buy rating on the stock with a $74 price target.

Based on Open Text’s latest earnings report from June 30, the company posted quarterly revenue of $483.8M and quarterly net profit of $86.39M. In comparison, last year the company earned revenue of $434.5M and had a net profit of $41.29M.

Open Text Corp. is an independent software company. It provides software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The company’s products and solutions include enterprise content management, digital asset management, cloud, business process management, content management and legal. Open Text was founded on June 26, 1991 and is headquartered in Waterloo, Canada.