Open Text Rises On Unusually High Volume (OTEX)

NEW YORK ( TheStreet) -- Open Text Corporation (Nasdaq: OTEX) is trading at unusually high volume Thursday with 1.7 million shares changing hands. It is currently at four times its average daily volume and trading up $2.21 (+4.2%) at $54.36 as of 3:28 p.m. ET.

Open Text has a market cap of $3 billion and is part of the technology sector and computer software & services industry. Shares are up 13.2% year to date as of the close of trading on Wednesday.

Open Text Corporation develops, markets, sells, licenses, and supports enterprise content management (ECM) solutions primarily in North America and Europe. The company has a P/E ratio of 24.7, equal to the average computer software & services industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Open Text as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Open Text Ratings Report.

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