Open Text Corporation (OTEX) Rating Lowered to Hold at Zacks Investment Research

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, October 27th.

According to Zacks, “Open Text Corporation is engaged in development of innovative intranet, extranet and e-Business applications. Since creating one of the first search engines to index the World Wide Web, the company has remained at the forefront of Internet-based technologies. Open Text solutions allow individuals, teams, organizations, and global trading communities to collaborate on projects, share ideas and accelerate innovation to the fastest possible speed. Open Text Corporation is headquartered in Waterloo, Canada. “

Other equities research analysts also recently issued research reports about the stock. Barclays PLC lifted their target price on shares of Open Text Corporation from $41.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Scotiabank reaffirmed an “outperform” rating and issued a $50.00 target price (up previously from $41.00) on shares of Open Text Corporation in a research report on Friday, August 4th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $40.00 target price on shares of Open Text Corporation in a research report on Friday, August 4th. BidaskClub raised shares of Open Text Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $40.00 target price on shares of Open Text Corporation in a research report on Wednesday, July 12th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $42.78.

Shares of Open Text Corporation (NASDAQ:OTEX) opened at $33.41 on Friday. The firm has a market cap of $8,760.00, a P/E ratio of 58.63 and a beta of 0.48. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.67. Open Text Corporation has a 1 year low of $29.30 and a 1 year high of $35.45.

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Several hedge funds have recently modified their holdings of OTEX. Vanguard Group Inc. grew its position in shares of Open Text Corporation by 126.3% during the 1st quarter. Vanguard Group Inc. now owns 5,446,137 shares of the software maker’s stock valued at $185,223,000 after acquiring an additional 3,039,282 shares during the period. Great West Life Assurance Co. Can grew its position in shares of Open Text Corporation by 50.6% during the 3rd quarter. Great West Life Assurance Co. Can now owns 2,819,976 shares of the software maker’s stock valued at $90,775,000 after acquiring an additional 947,585 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Open Text Corporation by 67.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,068,128 shares of the software maker’s stock valued at $65,198,000 after acquiring an additional 832,902 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Open Text Corporation by 2.8% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 18,056,800 shares of the software maker’s stock valued at $583,717,000 after acquiring an additional 500,000 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Open Text Corporation by 98.9% during the 1st quarter. Bank of America Corp DE now owns 889,399 shares of the software maker’s stock valued at $30,249,000 after buying an additional 442,295 shares in the last quarter. 66.02% of the stock is owned by hedge funds and other institutional investors.

Open Text Corporation 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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