Weekly Analysts’ Ratings Updates for Open Text (OTEX)

A number of firms have modified their ratings and price targets on shares of Open Text (NASDAQ: OTEX) recently:

  • 11/26/2019 – Open Text was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Open Text Corporation is engaged in development of innovative intranet, extranet and e-Business applications. Since creating one of the first search engines to index the World Wide Web, the company has remained at the forefront of Internet-based technologies. Open Text solutions allow individuals, teams, organizations, and global trading communities to collaborate on projects, share ideas and accelerate innovation to the fastest possible speed. Open Text Corporation is headquartered in Waterloo, Canada. “
  • 11/19/2019 – Open Text was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Open Text Corporation is engaged in development of innovative intranet, extranet and e-Business applications. Since creating one of the first search engines to index the World Wide Web, the company has remained at the forefront of Internet-based technologies. Open Text solutions allow individuals, teams, organizations, and global trading communities to collaborate on projects, share ideas and accelerate innovation to the fastest possible speed. Open Text Corporation is headquartered in Waterloo, Canada. “
  • 11/13/2019 – Open Text had its price target raised by analysts at TD Securities from $48.00 to $50.00. They now have a “buy” rating on the stock.
  • 11/12/2019 – Open Text had its price target raised by analysts at Royal Bank of Canada from $47.00 to $50.00. They now have an “outperform” rating on the stock.
  • 11/12/2019 – Open Text had its “outperform” rating reaffirmed by analysts at Raymond James. They now have a $48.00 price target on the stock.
  • 11/5/2019 – Open Text was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.
  • 11/1/2019 – Open Text was given a new $48.00 price target on by analysts at Raymond James. They now have a “buy” rating on the stock.
  • 10/29/2019 – Open Text had its “buy” rating reaffirmed by analysts at CIBC.
  • 10/24/2019 – Open Text was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong sell” rating. According to Zacks, “Open Text Corporation is engaged in development of innovative intranet, extranet and e-Business applications. Since creating one of the first search engines to index the World Wide Web, the company has remained at the forefront of Internet-based technologies. Open Text solutions allow individuals, teams, organizations, and global trading communities to collaborate on projects, share ideas and accelerate innovation to the fastest possible speed. Open Text Corporation is headquartered in Waterloo, Canada. “
  • 10/22/2019 – Open Text was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 10/21/2019 – Open Text had its “outperform” rating reaffirmed by analysts at Raymond James. They now have a $48.00 price target on the stock.

Shares of NASDAQ OTEX traded down $0.44 during mid-day trading on Tuesday, hitting $42.80. The company had a trading volume of 14,018 shares, compared to its average volume of 450,621. The company has a market capitalization of $11.64 billion, a price-to-earnings ratio of 40.38 and a beta of 0.57. Open Text Corp has a 1 year low of $30.99 and a 1 year high of $44.49. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.67. The stock’s 50-day moving average price is $41.76 and its 200-day moving average price is $40.97.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.36. Open Text had a return on equity of 8.40% and a net margin of 11.16%. The business had revenue of $696.90 million for the quarter, compared to analysts’ expectations of $703.13 million. During the same quarter in the prior year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities research analysts forecast that Open Text Corp will post 1.56 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allianz Asset Management GmbH lifted its stake in Open Text by 7.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 500,405 shares of the software maker’s stock worth $20,694,000 after purchasing an additional 33,094 shares in the last quarter. Bank of Nova Scotia Trust Co. boosted its position in shares of Open Text by 0.8% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 133,481 shares of the software maker’s stock valued at $5,499,000 after acquiring an additional 994 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Open Text by 24.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 973,317 shares of the software maker’s stock valued at $40,090,000 after acquiring an additional 193,689 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Open Text by 8.5% during the third quarter. Oppenheimer Asset Management Inc. now owns 13,835 shares of the software maker’s stock worth $565,000 after purchasing an additional 1,081 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Open Text during the second quarter worth about $206,000. Hedge funds and other institutional investors own 65.47% of the company’s stock.

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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