Shares of Open Text Corp. (OTEX) rose aggressively yesterday as the information technology company's fiscal third-quarter results, narrowly beat Wall Street estimates. Canadian based Open Text reported quarterly profit of $7.3 million, or 14 cents per share, compared with $3.9 million, or 8 cents per share, in the year-ago period. Excluding amortization charges and other special items, the company recorded adjusted income of 48 cents per share for the quarter ended March 31. Revenue grew 15 percent to $178.8 million from $156.1 million. License revenue rose 20 percent to $51.5 million.
Today OTEX shares showed up on both FusionIQ’s breakout and short squeeze screen suggesting that its upside momentum may be fast and furious after some consolidation. Its point and figure projected price target of $ 54.00 also suggests this may be the case.