Open Text (NASDAQ:OTEX) (TSE:OTC)‘s stock had its “buy” rating reissued by stock analysts at Benchmark in a research report issued on Thursday, MarketBeat.com reports. They presently have a $48.00 target price on the software maker’s stock, up from their previous target price of $42.00. Benchmark’s target price suggests a potential upside of 12.94% from the stock’s previous close.
Several other brokerages also recently commented on OTEX. Raymond James reaffirmed a “buy” rating and set a $21.00 price objective on shares of Colfax in a research note on Thursday, May 2nd. BidaskClub raised ZIX from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 3rd. Finally, Zacks Investment Research raised General Moly from a “sell” rating to a “hold” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Open Text presently has a consensus rating of “Buy” and a consensus price target of $46.09.
OTEX stock opened at $42.50 on Thursday. The company has a fifty day moving average of $41.13. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $11.59 billion, a P/E ratio of 42.11 and a beta of 0.48. Open Text has a twelve month low of $30.99 and a twelve month high of $43.14.
A number of institutional investors have recently modified their holdings of OTEX. Meridian Wealth Management LLC bought a new position in Open Text during the 1st quarter worth about $25,000. Zions Bancorporation N.A. bought a new position in Open Text during the 1st quarter worth about $27,000. Icon Wealth Partners LLC bought a new position in Open Text during the 1st quarter worth about $46,000. Shine Investment Advisory Services Inc. increased its holdings in Open Text by 18.3% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 2,622 shares of the software maker’s stock worth $101,000 after purchasing an additional 405 shares in the last quarter. Finally, Bremer Bank National Association bought a new position in Open Text during the 1st quarter worth about $109,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.
Open Text Company Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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