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