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.
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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