Open Text (NASDAQ:OTEX) Stock Rating Lowered by Royal Bank of Canada

Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by equities researchers at Royal Bank of Canada to a “buy” rating in a report released on Monday, TipRanks reports. They currently have a $47.00 price objective on the software maker’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 14.13% from the company’s current price.

Other research analysts have also issued reports about the company. BidaskClub raised Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday. Raymond James set a $48.00 price target on Open Text and gave the stock an “outperform” rating in a report on Friday, August 2nd. Zacks Investment Research lowered Open Text from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. CIBC restated a “buy” rating and set a $53.00 price objective on shares of Open Text in a report on Sunday, August 4th. Finally, Benchmark restated a “buy” rating and set a $48.00 price objective (up previously from $42.00) on shares of Open Text in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $47.25.

Shares of OTEX stock traded up $0.22 during trading hours on Monday, reaching $41.18. 381,035 shares of the company’s stock were exchanged, compared to its average volume of 557,770. The stock’s 50 day moving average is $39.87 and its 200-day moving average is $39.80. The company has a market cap of $11.12 billion, a price-to-earnings ratio of 38.85 and a beta of 0.56. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.67. Open Text has a fifty-two week low of $30.99 and a fifty-two week high of $44.49.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.10). Open Text had a return on equity of 7.50% and a net margin of 9.95%. The business had revenue of $747.20 million during the quarter, compared to analyst estimates of $763.51 million. During the same period in the previous year, the business earned $0.72 EPS. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. Equities analysts anticipate that Open Text will post 1.57 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OTEX. Allianz Asset Management GmbH lifted its position in Open Text by 7.1% during the 2nd quarter. Allianz Asset Management GmbH now owns 500,405 shares of the software maker’s stock worth $20,694,000 after acquiring an additional 33,094 shares during the period. Bank of Nova Scotia Trust Co. raised its stake in shares of Open Text by 0.8% in the second quarter. Bank of Nova Scotia Trust Co. now owns 133,481 shares of the software maker’s stock worth $5,499,000 after purchasing an additional 994 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Open Text by 24.8% in the second quarter. JPMorgan Chase & Co. now owns 973,317 shares of the software maker’s stock worth $40,090,000 after purchasing an additional 193,689 shares during the last quarter. Global Endowment Management LP acquired a new stake in shares of Open Text during the second quarter worth about $407,000. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Open Text by 15.3% during the first quarter. Parametric Portfolio Associates LLC now owns 284,036 shares of the software maker’s stock worth $10,916,000 after purchasing an additional 37,662 shares during the period. 64.60% of the stock is currently owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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