Open Text Corporation (OTEX) Cut to Underperform at Raymond James Financial, Inc.
Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) was downgraded by Raymond James Financial, Inc. to an “underperform” rating in a research report issued on Wednesday. They presently have a $40.00 price objective on the software maker’s stock. Raymond James Financial, Inc.’s target price would suggest a potential upside of 21.14% from the company’s current price.
Several other research firms have also recently issued reports on OTEX. Barclays PLC increased their price target on shares of Open Text Corporation from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, August 4th. Zacks Investment Research cut shares of Open Text Corporation from a “buy” rating to a “hold” rating in a report on Saturday, October 21st. CIBC increased their price target on shares of Open Text Corporation from $41.00 to $42.00 in a report on Friday, November 3rd. BMO Capital Markets cut their price target on shares of Open Text Corporation from $40.00 to $38.00 in a report on Friday, November 3rd. Finally, TD Securities increased their price target on shares of Open Text Corporation from $38.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Open Text Corporation currently has a consensus rating of “Hold” and an average target price of $42.27.
Shares of Open Text Corporation (NASDAQ OTEX) traded down $0.89 during trading hours on Wednesday, hitting $33.02. 1,430,800 shares of the stock were exchanged, compared to its average volume of 507,928. Open Text Corporation has a 1-year low of $29.58 and a 1-year high of $35.45. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $9,002.49, a PE ratio of 59.49 and a beta of 0.47.
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.
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