BidaskClub Downgrades Open Text (OTEX) to Sell
Open Text (NASDAQ:OTEX) (TSE:OTC) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
Other analysts have also issued reports about the company. CIBC raised their price target on Open Text from $41.00 to $42.00 in a research note on Friday, November 3rd. BMO Capital Markets decreased their price target on Open Text from $40.00 to $38.00 in a research note on Friday, November 3rd. Barclays raised their price target on Open Text from $54.00 to $55.00 in a research note on Friday, November 3rd. Macquarie decreased their price target on Open Text from $43.00 to $40.00 in a research note on Thursday, November 23rd. Finally, Zacks Investment Research raised Open Text from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Wednesday, October 18th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.27.
Shares of Open Text (NASDAQ:OTEX) opened at $32.18 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Open Text has a 52 week low of $29.58 and a 52 week high of $35.45. The stock has a market capitalization of $8,614.89, a PE ratio of 56.93 and a beta of 0.44.
Several institutional investors have recently added to or reduced their stakes in OTEX. Wells Fargo & Company MN raised its holdings in shares of Open Text by 15.6% in the 2nd quarter. Wells Fargo & Company MN now owns 5,539 shares of the software maker’s stock worth $175,000 after purchasing an additional 749 shares during the period. Bank of Nova Scotia Trust Co. raised its holdings in shares of Open Text by 7.5% in the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock worth $205,000 after purchasing an additional 452 shares during the period. Yorktown Management & Research Co Inc purchased a new position in shares of Open Text in the 2nd quarter worth about $243,000. Harbour Capital Advisors LLC purchased a new position in shares of Open Text in the 3rd quarter worth about $245,000. Finally, US Bancorp DE raised its holdings in shares of Open Text by 6.8% in the 2nd quarter. US Bancorp DE now owns 8,206 shares of the software maker’s stock worth $258,000 after purchasing an additional 524 shares during the period. Institutional investors own 66.77% of the company’s stock.
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Open Text Company Profile
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.
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