Could Open Text Corp Recover After Today’s Gap Up?

 Could Open Text Corp Recover After Today's Gap Up?

The stock of Open Text Corp (TSE:OTC) gapped up by $0.12 today and has $86.47 target or 3.00% above today’s $83.95 share price. The 5 months technical chart setup indicates low risk for the $10.35 billion company. The gap was reported on Nov, 23 by Barchart.com. If the $86.47 price target is reached, the company will be worth $310.50M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 44,144 shares traded hands. Open Text Corp (TSE:OTC) has risen 18.65% since April 19, 2016 and is uptrending. It has outperformed by 13.32% the S&P500.

Open Text Corp (TSE:OTC) Ratings Coverage

Out of 4 analysts covering OpenText Corporation (TSE:OTC), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $94 is the highest target while $54 is the lowest. The $77.75 average target is -7.39% below today’s ($83.95) stock price. OpenText Corporation has been the topic of 12 analyst reports since July 28, 2015 according to StockzIntelligence Inc. TD Securities maintained the stock with “Buy” rating in Thursday, October 27 report. On Tuesday, February 9 the stock rating was maintained by RBC Capital Markets with “Outperform”. The rating was maintained by RBC Capital Markets with “Outperform” on Friday, June 3. RBC Capital Markets maintained Open Text Corp (TSE:OTC) rating on Monday, October 24. RBC Capital Markets has “Outperform” rating and $90.50 price target.

More notable recent Open Text Corp (TSE:OTC) news were published by: Fool.com which released: “Why Open Text Corporation Shares Popped Today” on February 10, 2016, also Wsj.com with their article: “Open Text to Buy Dell EMC Enterprise Content Division for $1.6 Billion” published on September 12, 2016, Reuters.com published: “Canada’s OpenText to buy some HP Inc assets for $315 million” on June 20, 2016. More interesting news about Open Text Corp (TSE:OTC) were released by: Moodys.com and their article: “Moody’s places Open Text’s ratings on review for downgrade” published on September 13, 2016 as well as Fool.com‘s news article titled: “Open Text Corporation Looks Forward to Better Days Ahead” with publication date: July 28, 2016.

Open Text Corporation provides a platform and suite of software services and products that assist organizations in finding, utilizing, and sharing business information from any device. The company has a market cap of $10.35 billion. The Firm designs, develops, markets and sells Enterprise Information Management software and solutions. It has a 6.61 P/E ratio. The Company’s EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

OTC.TO Company Profile

Open Text Corporation, incorporated on July 1, 2016, provides a platform and suite of software services and products that assist organizations in finding, utilizing, and sharing business information from any device. The Firm designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. The Company’s software and services allow organizations to manage the information that flows into, out of, and throughout the enterprise as part of daily operations. The Company’s solutions incorporate collaborative and mobile technologies and are delivered for on-premises deployment, as well as through cloud, hybrid and managed hosted services models. In addition, the Company provides solutions that facilitate the exchange of information and transactions that occur between supply chain participants, such as manufacturers, retailers, distributors and financial institutions, and are central to a company’s ability to collaborate with its partners. The Company’s EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

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