TD Securities Cuts Open Text (NASDAQ:OTEX) Price Target to $38.00

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target decreased by TD Securities from $40.00 to $38.00 in a research report report published on Monday morning,BayStreet.CA reports. TD Securities currently has a buy rating on the software maker’s stock.

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

Open Text Stock Up 3.5 %

Shares of NASDAQ:OTEX opened at $30.39 on Monday. The firm has a 50 day simple moving average of $28.92 and a 200 day simple moving average of $30.65. Open Text has a 52 week low of $26.84 and a 52 week high of $42.17. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $8.01 billion, a PE ratio of 17.57 and a beta of 1.12.

Institutional Investors Weigh In On Open Text

A number of large investors have recently bought and sold shares of the business. IFP Advisors Inc lifted its position in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after buying an additional 515 shares during the last quarter. Blue Trust Inc. lifted its holdings in Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares during the last quarter. Cromwell Holdings LLC boosted its position in Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares during the period. Allworth Financial LP grew its holdings in Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the last quarter. Finally, Essex LLC bought a new position in shares of Open Text in the third quarter valued at approximately $210,000. 70.37% of the stock is currently owned by institutional investors.

About Open Text

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.