Open Text (NASDAQ:OTEX) (TSE:OTC) has been given a $48.00 price objective by Raymond James in a research report issued to clients and investors on Thursday. The firm presently has an “outperform” rating on the software maker’s stock. Raymond James’ target price points to a potential upside of 42.43% from the company’s current price.
Other equities analysts have also issued reports about the company. BMO Capital Markets set a $40.00 price target on Open Text and gave the company a “buy” rating in a research note on Thursday. BidaskClub lowered Open Text from a “hold” rating to a “sell” rating in a research note on Tuesday, October 9th. TD Securities increased their price target on Open Text from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Barclays raised their price objective on Open Text from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, August 6th. Finally, Royal Bank of Canada raised their price objective on Open Text from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, August 3rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Open Text has a consensus rating of “Buy” and an average target price of $44.00.
Open Text stock traded down $0.10 during midday trading on Thursday, reaching $33.70. 76,765 shares of the stock traded hands, compared to its average volume of 451,919. Open Text has a 12 month low of $32.05 and a 12 month high of $40.31. The firm has a market cap of $8.93 billion, a PE ratio of 37.07 and a beta of 0.27. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.70.
Large investors have recently bought and sold shares of the company. AdvisorNet Financial Inc purchased a new stake in shares of Open Text in the second quarter worth approximately $115,000. Tower Research Capital LLC TRC purchased a new stake in shares of Open Text in the second quarter worth approximately $160,000. Financial Gravity Wealth Inc. raised its holdings in shares of Open Text by 128.5% in the third quarter. Financial Gravity Wealth Inc. now owns 6,150 shares of the software maker’s stock worth $201,000 after buying an additional 3,458 shares during the period. A.R.T. Advisors LLC purchased a new stake in shares of Open Text in the first quarter worth approximately $236,000. Finally, Greenleaf Trust raised its holdings in shares of Open Text by 79.0% in the second quarter. Greenleaf Trust now owns 7,045 shares of the software maker’s stock worth $248,000 after buying an additional 3,110 shares during the period. 67.61% of the stock is owned by institutional investors and hedge funds.
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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