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

OTEX has been the subject of a number of other research reports. TD Securities increased their price objective on shares of Open Text from $45.00 to $48.00 and gave the company a “buy” rating in a report on Friday, August 2nd. CIBC reissued a “buy” rating and issued a $53.00 target price on shares of Open Text in a research note on Sunday, August 4th. BidaskClub upgraded Open Text from a “hold” rating to a “buy” rating in a report on Tuesday. Benchmark restated a “buy” rating and issued a $48.00 price target (up from $42.00) on shares of Open Text in a research report on Thursday, July 11th. Finally, Zacks Investment Research cut Open Text from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. Open Text presently has an average rating of “Buy” and a consensus price target of $47.25.

Shares of Open Text 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 business has a fifty day moving average of $39.87 and a two-hundred day moving average of $39.80. The company has a market capitalization of $11.12 billion, a P/E 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 has a 1 year low of $30.99 and a 1 year high of $44.49.

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

Institutional investors have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC boosted its holdings in Open Text by 141.2% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 627 shares of the software maker’s stock valued at $25,000 after purchasing an additional 367 shares during the last quarter. Meridian Wealth Management LLC purchased a new stake in shares of Open Text in the 1st quarter valued at approximately $25,000. Zions Bancorporation N.A. acquired a new stake in shares of Open Text during the 1st quarter worth approximately $27,000. Icon Wealth Partners LLC acquired a new stake in shares of Open Text during the 1st quarter worth approximately $46,000. Finally, Bremer Bank National Association purchased a new stake in shares of Open Text during the 1st quarter valued at approximately $109,000. Hedge funds and other institutional investors own 64.60% of the company’s stock.

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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