TD Securities Increases Open Text Corporation (NASDAQ:OTEX) Price Target to $51.00

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) had its price objective boosted by investment analysts at TD Securities from $38.00 to $51.00 in a report issued on Friday, November 3rd. The brokerage presently has a “buy” rating on the software maker’s stock. TD Securities’ target price would indicate a potential upside of 52.65% from the stock’s current price.

OTEX has been the subject of a number of other reports. Scotiabank restated an “outperform” rating and set a $50.00 price objective (up from $41.00) on shares of Open Text Corporation in a research note on Friday, August 4th. Royal Bank Of Canada restated a “buy” rating and set a $40.00 price objective on shares of Open Text Corporation in a research note on Monday, October 30th. Zacks Investment Research raised Open Text Corporation from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 12th. BMO Capital Markets reissued an “outperform” rating and issued a $40.00 price target on shares of Open Text Corporation in a research note on Friday, August 4th. Finally, Barclays PLC increased their price target on Open Text Corporation from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Open Text Corporation presently has an average rating of “Buy” and an average target price of $42.78.

Open Text Corporation (NASDAQ:OTEX) traded down $0.01 during mid-day trading on Friday, hitting $33.41. The company had a trading volume of 468,100 shares, compared to its average volume of 501,562. The firm has a market cap of $8,760.00, a price-to-earnings ratio of 58.63 and a beta of 0.48. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.74 and a current ratio of 0.74. Open Text Corporation has a twelve month low of $29.30 and a twelve month high of $35.45.

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Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in Open Text Corporation by 73.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 63,071 shares of the software maker’s stock worth $2,145,000 after acquiring an additional 26,733 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Open Text Corporation by 0.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 799,840 shares of the software maker’s stock worth $25,200,000 after acquiring an additional 4,998 shares in the last quarter. Fiera Capital Corp lifted its stake in Open Text Corporation by 15.9% in the 2nd 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Open Text Corporation by 73.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 172,088 shares of the software maker’s stock worth $5,424,000 after acquiring an additional 72,632 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Open Text Corporation by 5.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,827,929 shares of the software maker’s stock worth $215,124,000 after acquiring an additional 340,986 shares in the last quarter. 66.02% of the stock is owned by hedge funds and other institutional investors.

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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