Open Text (NASDAQ:OTEX) Lowered to Buy at Royal Bank of Canada
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.
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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