Open Text (NASDAQ:OTEX) Rating Increased to Buy at StockNews.com

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

A number of other brokerages also recently issued reports on OTEX. Citigroup upped their price target on Open Text from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, February 2nd. BMO Capital Markets boosted their price objective on Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Stifel Nicolaus reduced their price objective on Open Text from $44.00 to $38.00 and set a “neutral” rating for the company in a research note on Monday, October 16th. TD Securities boosted their price objective on Open Text from $53.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $53.00 price objective on shares of Open Text in a research note on Friday, February 2nd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Open Text currently has a consensus rating of “Moderate Buy” and an average target price of $46.71.

Read Our Latest Analysis on OTEX

Open Text Stock Performance

Shares of Open Text stock opened at $40.91 on Tuesday. The business has a 50-day simple moving average of $41.46 and a 200-day simple moving average of $38.76. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $11.13 billion, a PE ratio of 87.04 and a beta of 1.14. Open Text has a one year low of $32.04 and a one year high of $45.47.

Institutional Investors Weigh In On Open Text

Several hedge funds have recently modified their holdings of OTEX. Dimensional Fund Advisors LP boosted its position in Open Text by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 418,847 shares of the software maker’s stock valued at $17,759,000 after purchasing an additional 7,288 shares during the period. Sei Investments Co. boosted its position in Open Text by 14.1% during the 1st quarter. Sei Investments Co. now owns 213,916 shares of the software maker’s stock valued at $9,073,000 after purchasing an additional 26,359 shares during the period. Aviva PLC bought a new stake in Open Text during the 1st quarter valued at $1,925,000. Canada Pension Plan Investment Board raised its stake in Open Text by 34.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 309,399 shares of the software maker’s stock valued at $13,131,000 after acquiring an additional 79,800 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Open Text by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 9,079,999 shares of the software maker’s stock valued at $384,993,000 after acquiring an additional 262,200 shares in the last quarter. 64.53% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Company Profile

(Get Free Report)

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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