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

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price target reduced by stock analysts at TD Securities from $40.00 to $38.00 in a report issued on Monday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the software maker’s stock. TD Securities’ target price points to a potential upside of 29.38% from the company’s previous close.

Several other equities research analysts have also weighed in on OTEX. UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price on the stock. Barclays decreased their target price on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. BMO Capital Markets dropped their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Citigroup lowered their target price 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. Finally, StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Nine research 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 company has an average rating of “Hold” and an average price target of $35.27.

Open Text Price Performance

Shares of OTEX opened at $29.37 on Monday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a market cap of $7.75 billion, a P/E ratio of 16.98 and a beta of 1.12. The stock’s 50-day moving average price is $28.92 and its two-hundred day moving average price is $30.65. Open Text has a 1 year low of $26.84 and a 1 year high of $43.13.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OTEX. Blue Trust Inc. increased its holdings in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after acquiring an additional 793 shares during the last quarter. IFP Advisors Inc increased its holdings 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 valued at $29,000 after purchasing an additional 515 shares during the last quarter. Cromwell Holdings LLC boosted its holdings in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares during the period. Allworth Financial LP grew its position in shares of Open Text by 20.7% in 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 during the third quarter worth approximately $210,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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.