Open Text (NASDAQ:OTEX) (TSE:OTC) had its target price upped by stock analysts at Barclays from $44.00 to $46.00 in a note issued to investors on Thursday. The brokerage currently has an “overweight” rating on the software maker’s stock. Barclays’ price target indicates a potential upside of 19.17% from the stock’s current price.
Several other equities analysts have also commented on the stock. BMO Capital Markets reiterated a “buy” rating and issued a $42.00 price target on shares of Open Text in a research note on Thursday. BidaskClub upgraded shares of Open Text from a “sell” rating to a “hold” rating in a research note on Wednesday. Macquarie dropped their price target on shares of Open Text from $43.00 to $40.00 in a research note on Thursday, November 23rd. Raymond James Financial lowered shares of Open Text to an “underperform” rating and set a $40.00 price target on the stock. in a research note on Wednesday, November 22nd. Finally, Mitsubishi UFJ Financial Group reiterated an “overweight” rating on shares of Open Text in a research note on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $44.00.
Shares of Open Text (NASDAQ:OTEX) traded up $4.35 during trading on Thursday, reaching $38.60. 4,140,000 shares of the company’s stock traded hands, compared to its average volume of 629,149. The stock has a market capitalization of $10,250.00, a price-to-earnings ratio of 66.55 and a beta of 0.44. Open Text has a one year low of $30.88 and a one year high of $40.31. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.74.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisor Group Inc. grew its position in shares of Open Text by 6.6% during the second quarter. Advisor Group Inc. now owns 8,579 shares of the software maker’s stock worth $271,000 after acquiring an additional 529 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Open Text 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 acquiring an additional 749 shares during the last quarter. Nationwide Fund Advisors grew its position in shares of Open Text by 1.7% during the second quarter. Nationwide Fund Advisors now owns 52,400 shares of the software maker’s stock worth $1,653,000 after acquiring an additional 900 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in shares of Open Text by 1.1% during the second quarter. Parametric Portfolio Associates LLC now owns 130,969 shares of the software maker’s stock worth $4,131,000 after acquiring an additional 1,376 shares during the last quarter. Finally, ETRADE Capital Management LLC grew its position in shares of Open Text by 15.5% during the third quarter. ETRADE Capital Management LLC now owns 14,433 shares of the software maker’s stock worth $466,000 after acquiring an additional 1,941 shares during the last quarter. Institutional investors and hedge funds own 67.62% of the company’s stock.
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.
