Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

A number of other brokerages also recently issued reports on OTEX. Royal Bank Of Canada reissued a “buy” rating and set a $40.00 price target on shares of Open Text in a report on Monday, October 30th. TD Securities increased their price target on shares of Open Text from $38.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. CIBC increased their price target on shares of Open Text from $41.00 to $42.00 in a report on Friday, November 3rd. BMO Capital Markets lowered their price target on shares of Open Text from $40.00 to $38.00 in a report on Friday, November 3rd. Finally, Barclays increased their price target on shares of Open Text from $54.00 to $55.00 in a report on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $42.27.

Open Text (OTEX) traded up $0.19 during mid-day trading on Tuesday, hitting $32.53. 395,513 shares of the stock traded hands, compared to its average volume of 574,900. The stock has a market cap of $8,636.13, a P/E ratio of 57.07 and a beta of 0.44. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.74. Open Text has a fifty-two week low of $29.58 and a fifty-two week high of $35.45.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Open Text by 2.8% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 18,056,800 shares of the software maker’s stock valued at $583,717,000 after purchasing an additional 500,000 shares in the last quarter. Jarislowsky Fraser Ltd lifted its holdings in Open Text by 0.8% during the third quarter. Jarislowsky Fraser Ltd now owns 17,239,220 shares of the software maker’s stock valued at $554,956,000 after purchasing an additional 130,669 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Open Text by 5.3% during the second quarter. The Manufacturers Life Insurance Company now owns 6,827,929 shares of the software maker’s stock valued at $215,124,000 after purchasing an additional 340,986 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Open Text by 2.9% during the second quarter. Vanguard Group Inc. now owns 5,605,006 shares of the software maker’s stock valued at $176,781,000 after purchasing an additional 158,869 shares in the last quarter. Finally, Fiera Capital Corp lifted its holdings in Open Text by 15.9% during the second quarter. Fiera Capital Corp now owns 3,007,953 shares of the software maker’s stock valued at $94,770,000 after purchasing an additional 411,920 shares in the last quarter. 66.77% of the stock is currently owned by institutional investors and hedge funds.

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About Open Text

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 (NASDAQ:OTEX)

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