Open Text Corporation (OTEX) has risen sharply, recording gains of 2.3% in the past 4 weeks. However, the stock has corrected -0.73% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 1.91% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
Open Text Corporation is up 11.66% in the last 3-month period. Year-to-Date the stock performance stands at 31.93%. The stock has recorded a 20-day Moving Average of 1% and the 50-Day Moving Average is 3.46%.
Open Text Corporation (NASDAQ:OTEX): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $62.42 and $62.27 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $62.81. The buying momentum continued till the end and the stock did not give up its gains. It closed at $62.72, notching a gain of 0.03% for the day. The total traded volume was 137,978 . The stock had closed at $62.70 on the previous day.
Also, TD Securities initiates coverage on Open Text Corporation (NASDAQ:OTEX) In a research note issued to the investors, the brokerage major announces price-target of $58 per share.The shares have been rated Buy. The rating by the firm was issued on April 4, 2016.
Open Text Corporation is a Canada-based company operating in enterprise information market (EIM). The Company provides software products and services to organizations in finding, utilizing and sharing business information. The Companys products and services include enterprise content management (ECM), business process management (BPM), customer experience management (CEM), information exchange (iX), discovery, and analytics and reporting. Its ECM solutions include content management, archiving and core, among others. Its BPM solutions include process suite platform, capture and recognition systems, and process suite solutions. Its CEM solutions include Web content management, digital asset management and portal. Its iX solutions include business-to-business (B2B) integration, fax solutions and secure messaging. Its discovery solutions include search and InfoFusion. Its analytics and reporting solutions include embedded analytics and reporting, and advanced analytics.