Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) was downgraded by equities research analysts at Raymond James Financial, Inc. to an “underperform” rating in a research report issued to clients and investors on Wednesday. They currently have a $40.00 target price on the software maker’s stock. Raymond James Financial, Inc.’s target price suggests a potential upside of 21.14% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Macquarie cut shares of Open Text Corporation from a “neutral” rating to an “underperform” rating and set a $31.50 target price on the stock. in a research report on Wednesday. CIBC boosted their target price on shares of Open Text Corporation from $41.00 to $42.00 in a research report on Friday, November 3rd. Mitsubishi UFJ Financial Group reissued an “overweight” rating on shares of Open Text Corporation in a research report on Thursday, November 2nd. Barclays PLC boosted their target price on shares of Open Text Corporation from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $40.00 target price on shares of Open Text Corporation in a research report on Friday, August 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $41.50.

Open Text Corporation (NASDAQ OTEX) traded down $0.89 on Wednesday, reaching $33.02. 1,430,809 shares of the company’s stock traded hands, compared to its average volume of 507,928. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.67. Open Text Corporation has a 12 month low of $29.58 and a 12 month high of $35.45. The stock has a market capitalization of $8,901.61, a P/E ratio of 58.83 and a beta of 0.47.

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Several institutional investors have recently added to or reduced their stakes in OTEX. Great West Life Assurance Co. Can grew its position in shares of Open Text Corporation by 50.6% during the third quarter. Great West Life Assurance Co. Can now owns 2,819,976 shares of the software maker’s stock worth $90,775,000 after acquiring an additional 947,585 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Open Text Corporation by 67.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,068,128 shares of the software maker’s stock worth $65,198,000 after acquiring an additional 832,902 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Open Text Corporation by 2.8% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 18,056,800 shares of the software maker’s stock worth $583,717,000 after acquiring an additional 500,000 shares during the last quarter. Highstreet Asset Management Inc. grew its position in shares of Open Text Corporation by 331.1% during the second quarter. Highstreet Asset Management Inc. now owns 539,152 shares of the software maker’s stock worth $17,026,000 after acquiring an additional 414,077 shares during the last quarter. Finally, Fiera Capital Corp grew its position in shares of Open Text Corporation by 15.9% during the second quarter. Fiera Capital Corp now owns 3,007,953 shares of the software maker’s stock worth $94,770,000 after acquiring an additional 411,920 shares during the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

About Open Text Corporation

Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

Analyst Recommendations for Open Text Corporation (NASDAQ:OTEX)

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