Open Text (OTEX) Downgraded by BidaskClub

BidaskClub downgraded shares of Open Text (NASDAQ:OTEX) (TSE:OTC) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

A number of other equities research analysts have also recently issued reports on the company. Zacks Investment Research cut Open Text from a buy rating to a hold rating in a research report on Friday, October 27th. BMO Capital Markets decreased their target price on Open Text from $40.00 to $38.00 in a research report on Friday, November 3rd. Macquarie cut Open Text from a neutral rating to an underperform rating and set a $31.50 target price for the company. in a research report on Wednesday, November 22nd. Royal Bank of Canada reaffirmed a buy rating and set a $40.00 target price on shares of Open Text in a research report on Monday, October 30th. Finally, Barclays upped their target price on Open Text from $54.00 to $55.00 in a research report on Friday, November 3rd. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Open Text has a consensus rating of Hold and an average target price of $42.27.

Shares of Open Text (NASDAQ:OTEX) traded up $0.02 during trading on Tuesday, reaching $33.81. The company’s stock had a trading volume of 410,138 shares, compared to its average volume of 636,026. The company has a market capitalization of $8,900.00, a PE ratio of 58.29 and a beta of 0.44. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Open Text has a 52-week low of $30.88 and a 52-week high of $35.80.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Friday, December 1st were given a $0.132 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.53 annualized dividend and a dividend yield of 1.56%. Open Text’s dividend payout ratio is 91.38%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP boosted its position in shares of Open Text by 119.2% in the third quarter. GSA Capital Partners LLP now owns 136,427 shares of the software maker’s stock valued at $4,405,000 after acquiring an additional 74,202 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Open Text by 12.9% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 19,857 shares of the software maker’s stock valued at $641,000 after acquiring an additional 2,265 shares during the period. Cubist Systematic Strategies LLC bought a new stake in shares of Open Text in the third quarter valued at approximately $999,000. Oppenheimer Asset Management Inc. boosted its position in shares of Open Text by 18.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 18,014 shares of the software maker’s stock valued at $582,000 after acquiring an additional 2,868 shares during the period. Finally, Turtle Creek Asset Management Inc. boosted its position in shares of Open Text by 6.7% in the third quarter. Turtle Creek Asset Management Inc. now owns 2,432,386 shares of the software maker’s stock valued at $78,542,000 after acquiring an additional 152,600 shares during the period. 66.74% of the stock is owned by institutional investors.

TRADEMARK VIOLATION NOTICE: This article was originally reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this article on another publication, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The correct version of this article can be accessed at https://ledgergazette.com/2018/01/12/open-text-otex-downgraded-by-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