Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Thursday.
Other analysts also recently issued reports about the company. Industrial Alliance Securities upped their price objective on Open Text from $40.00 to $42.00 in a research report on Friday, August 3rd. Barclays restated a “buy” rating on shares of Open Text in a research report on Thursday, November 1st. BMO Capital Markets restated a “buy” rating and issued a $40.00 price objective on shares of Open Text in a research report on Thursday, November 1st. Scotiabank reiterated a “buy” rating and issued a $46.00 target price on shares of Open Text in a research note on Friday, August 3rd. Finally, TD Securities upped their target price on Open Text from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Open Text presently has a consensus rating of “Buy” and an average price target of $44.20.
Shares of NASDAQ:OTEX traded down $0.30 on Thursday, hitting $33.05. The company had a trading volume of 261,466 shares, compared to its average volume of 474,189. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.70. Open Text has a 52-week low of $31.98 and a 52-week high of $40.31. The company has a market capitalization of $9.05 billion, a P/E ratio of 36.32 and a beta of 0.46.
A number of institutional investors have recently added to or reduced their stakes in OTEX. AdvisorNet Financial Inc acquired a new position in Open Text in the second quarter valued at $115,000. Bessemer Group Inc. increased its stake in Open Text by 206.4% during the third quarter. Bessemer Group Inc. now owns 3,741 shares of the software maker’s stock worth $142,000 after acquiring an additional 2,520 shares during the last quarter. Tower Research Capital LLC TRC acquired a new stake in Open Text during the second quarter worth about $160,000. Financial Gravity Wealth Inc. increased its stake in Open Text by 128.5% during the third quarter. Financial Gravity Wealth Inc. now owns 6,150 shares of the software maker’s stock worth $201,000 after acquiring an additional 3,458 shares during the last quarter. Finally, Wetherby Asset Management Inc. acquired a new stake in Open Text during the third quarter worth about $222,000. Hedge funds and other institutional investors own 67.67% of the company’s stock.
Open Text Company Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
See Also: How Do I Invest in Dividend Stocks
Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.