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.

COPYRIGHT VIOLATION NOTICE: This report was published by American Banking News and is the sole property of of American Banking News. If you are accessing this report on another domain, it was stolen and reposted in violation of U.S. and international copyright and trademark laws. The correct version of this report can be accessed at https://www.americanbankingnews.com/2017/11/23/open-text-corporation-otex-cut-to-underperform-at-raymond-james-financial-inc.html.

A number of institutional investors and hedge funds have recently modified their holdings of OTEX. Wells Fargo & Company MN grew its position in Open Text Corporation by 15.6% during the second quarter. Wells Fargo & Company MN now owns 5,539 shares of the software maker’s stock worth $175,000 after buying an additional 749 shares during the period. Bank of Nova Scotia Trust Co. grew its position in Open Text Corporation by 7.5% during the second quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock worth $205,000 after buying an additional 452 shares during the period. Creative Planning grew its position in Open Text Corporation by 48.7% during the second quarter. Creative Planning now owns 6,714 shares of the software maker’s stock worth $212,000 after buying an additional 2,200 shares during the period. Yorktown Management & Research Co Inc acquired a new position in Open Text Corporation during the second quarter worth about $243,000. Finally, Harbour Capital Advisors LLC acquired a new position in Open Text Corporation during the third quarter worth about $245,000. Institutional investors own 64.82% of the company’s stock.

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)

Receive News & Ratings for Open Text Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text Corporation and related companies with MarketBeat.com's FREE daily email newsletter.