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

Open Text (NASDAQ:OTEX) (TSE:OTC) had its price objective cut by equities research analysts at TD Securities from $40.00 to $38.00 in a report issued on Monday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the software maker’s stock. TD Securities’ target price would indicate a potential upside of 29.38% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $45.00 to $33.00 in a report on Friday, November 1st. UBS Group assumed coverage on shares of Open Text in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price for the company. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Barclays decreased their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Finally, Scotiabank cut their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.27.

Open Text Stock Performance

Shares of OTEX opened at $29.37 on Monday. Open Text has a 52 week low of $26.84 and a 52 week high of $43.13. 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 capitalization of $7.75 billion, a PE ratio of 16.98 and a beta of 1.12. The company’s 50 day moving average price is $28.92 and its 200 day moving average price is $30.65.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in OTEX. Blue Trust Inc. boosted its position in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares in the last quarter. IFP Advisors Inc raised its stake 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 acquiring an additional 515 shares during the last quarter. Cromwell Holdings LLC boosted its holdings in shares of Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after acquiring an additional 380 shares in the last quarter. Allworth Financial LP grew its position in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after acquiring an additional 439 shares during the last quarter. Finally, Essex LLC acquired a new stake in Open Text during the 3rd quarter valued at $210,000. 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.