Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by analysts at Royal Bank of Canada to a “buy” rating in a research report issued on Monday, TipRanks reports. They currently have a $47.00 target price on the software maker’s stock. Royal Bank of Canada’s target price points to a potential upside of 14.13% from the stock’s previous close.

A number of other equities analysts also recently issued reports on OTEX. BidaskClub upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday. Benchmark reissued a “buy” rating and issued a $48.00 price objective (up previously from $42.00) on shares of Open Text in a research note on Thursday, July 11th. TD Securities upped their target price on Open Text from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Raymond James set a $48.00 target price on Open Text and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, CIBC reaffirmed a “buy” rating and set a $53.00 target price on shares of Open Text in a research report on Sunday, August 4th. One research analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $47.25.

NASDAQ:OTEX traded up $0.22 during mid-day trading on Monday, reaching $41.18. The company’s stock had a trading volume of 381,035 shares, compared to its average volume of 557,770. Open Text has a 1 year low of $30.99 and a 1 year high of $44.49. The stock has a fifty day moving average of $39.87 and a 200-day moving average of $39.80. The firm has a market capitalization of $11.12 billion, a PE ratio of 38.85 and a beta of 0.56. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.67.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 1st. The software maker reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.10). Open Text had a net margin of 9.95% and a return on equity of 7.50%. The business had revenue of $747.20 million for the quarter, compared to analysts’ expectations of $763.51 million. During the same period last year, the business posted $0.72 EPS. The company’s revenue for the quarter was down .9% on a year-over-year basis. On average, analysts expect that Open Text will post 1.57 earnings per share for the current year.

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

About Open Text

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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