Shares of Open Text Corporation (Nasdaq:OTEX) were gapping up Thursday morning with an open price 12.3% higher than Wednesday's closing price. The stock closed at $52.62 yesterday and opened today's trading at $59.10.
NEW YORK ( TheStreet) -- Shares of Open Text Corporation (Nasdaq: OTEX) were gapping up Thursday morning with an open price 12.3% higher than Wednesday's closing price. The stock closed at $52.62 Wednesday and opened today's trading at $59.10. The average volume for Open Text has been 337,800 shares per day over the past 30 days. Open Text has a market cap of $2.87 billion and is part of the technology sector and computer software & services industry. Shares are up 2.9% 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 11.9, below the average computer software & services industry P/E ratio of 21.3 and below 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 robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Open Text Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping up? Get free SMS text alerts sent to you when the action happens by texting UP to 95370 or select from multiple alert options.