Open Text (NASDAQ:OTEX) Downgraded by BidaskClub

BidaskClub lowered shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a hold rating to a sell rating in a research note released on Tuesday, January 9th.

OTEX has been the topic of a number of other research reports. Royal Bank of Canada reaffirmed a buy rating and set a $40.00 price target on shares of Open Text in a research note on Monday, October 30th. Mitsubishi UFJ Financial Group reaffirmed an overweight rating on shares of Open Text in a research note on Thursday, November 2nd. Zacks Investment Research downgraded shares of Open Text from a buy rating to a hold rating in a research note on Friday, October 27th. Macquarie downgraded shares of Open Text from a neutral rating to an underperform rating and set a $31.50 price target on the stock. in a research note on Wednesday, November 22nd. Finally, TD Securities boosted their price objective on shares of Open Text from $38.00 to $51.00 and gave the company a buy rating in a research report on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Open Text has an average rating of Hold and a consensus price target of $42.90.

Open Text (NASDAQ:OTEX) traded up $0.14 during mid-day trading on Tuesday, hitting $34.25. 693,180 shares of the stock traded hands, compared to its average volume of 542,259. Open Text has a 1 year low of $30.88 and a 1 year high of $35.80. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $9,071.52, a P/E ratio of 60.09 and a beta of 0.44.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, November 2nd. The software maker reported $0.14 EPS for the quarter, topping the consensus estimate of $0.11 by $0.03. The firm had revenue of $640.69 million for the quarter, compared to the consensus estimate of $635.97 million. Open Text had a net margin of 5.73% and a return on equity of 4.14%. equities analysts expect that Open Text will post 0.34 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Open Text by 0.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 8,911 shares of the software maker’s stock worth $281,000 after purchasing an additional 50 shares during the last quarter. Comerica Bank grew its holdings in shares of Open Text by 1.5% in the second quarter. Comerica Bank now owns 14,566 shares of the software maker’s stock worth $483,000 after purchasing an additional 211 shares during the last quarter. Bank of Nova Scotia Trust Co. grew its holdings in shares of Open Text by 7.5% in the second 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 last quarter. Advisor Group Inc. grew its holdings in shares of Open Text by 6.6% in the second quarter. Advisor Group Inc. now owns 8,579 shares of the software maker’s stock worth $271,000 after purchasing an additional 529 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Open Text by 15.6% in the second 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 last quarter. Hedge funds and other institutional investors own 67.62% of the company’s stock.

WARNING: “Open Text (NASDAQ:OTEX) Downgraded by BidaskClub” was first reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this news story on another site, it was illegally copied and reposted in violation of United States & international copyright legislation. The correct version of this news story can be viewed at https://www.dispatchtribunal.com/2018/01/31/open-text-otex-cut-to-sell-at-bidaskclub.html.

About Open Text

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.

Analyst Recommendations for Open Text (NASDAQ:OTEX)

Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply