Open Text (NASDAQ:OTEX) Price Target Cut to $38.00 by Analysts at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective reduced by TD Securities from $40.00 to $38.00 in a research report sent to investors on Monday,BayStreet.CA reports. They currently have a buy rating on the software maker’s stock.

Other analysts also recently issued reports about the company. Citigroup reduced their price target on Open Text from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. BMO Capital Markets decreased their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. UBS Group began coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Barclays decreased their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Finally, Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Open Text presently has a consensus rating of “Hold” and an average price target of $35.27.

Open Text Trading Down 1.0 %

Shares of OTEX stock opened at $29.14 on Monday. Open Text has a 12-month low of $26.84 and a 12-month high of $43.13. The company has a market capitalization of $7.69 billion, a PE ratio of 16.84 and a beta of 1.12. The firm has a 50 day moving average price of $28.96 and a two-hundred day moving average price of $30.68. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Institutional Investors Weigh In On Open Text

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AustralianSuper Pty Ltd acquired a new stake in Open Text in the third quarter valued at approximately $8,011,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after acquiring an additional 63,620 shares in the last quarter. Natixis Advisors LLC bought a new stake in Open Text during the 3rd quarter worth $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Open Text by 126.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock worth $2,871,000 after purchasing an additional 48,111 shares in the last quarter. Finally, Stifel Financial Corp bought a new position in Open Text in the third quarter valued at about $2,232,000. 70.37% of the stock is owned by institutional investors.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.