Open Text (OTEX) is engaged in providing enterprise content management software solutions. Open Text builds software that combines collaboration and process optimization. This stock is trading up 10.2% at $54.45 in recent trading.
Today's Volume: 1,121,000Average Volume: 384,133 Volume % Change: 419% Shares of OTEX are ripping higher today after the Raymond James reiterated its outperform rating on the stock and raised its price target from $67 to $72. Raymond James noted, "Open Text reported results of $306 million and $1.17 of earnings per share, more or less in-line with consensus of $309 million on earnings per share of $1.16. License sales of $78 million were slighting ahead of estimates of $77 million. From a technical perspective, OTEX is soaring here with monster volume, and the stock has started to move above its 200-day moving average of $53.81. Traders should now look for long-biased trades as long as OTEX is trending above $53.21 to its 200-day moving average of $53.81 with strong upside volume flows. I would consider any upside volume day that registers near or above 384,133 shares as bullish. If OTEX can hold a trend above those levels, then look for this stock to re-test and possibly take out its next major overhead resistance level near $58.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV