Open Text (NASDAQ:OTEX) Upgraded to Buy by StockNews.com

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Wednesday.

Other analysts have also recently issued research reports about the company. Citigroup upped their price objective on Open Text from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, February 6th. TheStreet lowered Open Text from a “b” rating to a “c+” rating in a research report on Thursday, May 4th. TD Securities raised their price objective on Open Text from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 5th. Finally, Barclays boosted their target price on shares of Open Text from $41.00 to $43.00 in a research note on Friday, May 5th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.14.

Open Text Price Performance

Shares of OTEX stock opened at $40.72 on Wednesday. The firm has a market cap of $11.02 billion, a P/E ratio of 36.36 and a beta of 1.06. The firm has a fifty day moving average of $38.70 and a two-hundred day moving average of $34.14. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.70 and a quick ratio of 0.70. Open Text has a 1-year low of $24.91 and a 1-year high of $42.35.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OTEX. ClariVest Asset Management LLC boosted its position in Open Text by 0.4% during the 1st quarter. ClariVest Asset Management LLC now owns 70,570 shares of the software maker’s stock worth $2,718,000 after acquiring an additional 250 shares during the last quarter. Wetherby Asset Management Inc. boosted its holdings in Open Text by 2.2% during the first quarter. Wetherby Asset Management Inc. now owns 12,622 shares of the software maker’s stock worth $487,000 after purchasing an additional 272 shares during the last quarter. Advisor Partners II LLC grew its position in Open Text by 4.4% in the first quarter. Advisor Partners II LLC now owns 11,097 shares of the software maker’s stock valued at $428,000 after purchasing an additional 471 shares in the last quarter. Boston Partners increased its stake in Open Text by 2.0% in the 3rd quarter. Boston Partners now owns 27,131 shares of the software maker’s stock valued at $717,000 after buying an additional 541 shares during the last quarter. Finally, Glassman Wealth Services lifted its position in Open Text by 133.3% during the 4th quarter. Glassman Wealth Services now owns 968 shares of the software maker’s stock worth $29,000 after buying an additional 553 shares in the last quarter. Institutional investors own 63.93% of the company’s stock.

Open Text Company Profile

(Get Rating)

Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.

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Analyst Recommendations for Open Text (NASDAQ:OTEX)

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