Open Text (NASDAQ:OTEX) (TSE:OTC) received a $48.00 price objective from stock analysts at Raymond James in a report issued on Friday, BayStreet.CA reports. The firm currently has an “outperform” rating on the software maker’s stock. Raymond James’ price objective suggests a potential upside of 12.33% from the company’s previous close.
Other research analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of General Moly from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. BidaskClub upgraded shares of ZIX from a “buy” rating to a “strong-buy” rating in a report on Friday, May 3rd. Finally, Benchmark reiterated a “buy” rating and set a $48.00 price target (up previously from $42.00) on shares of Open Text in a report on Thursday, July 11th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $46.09.
Shares of OTEX stock opened at $42.73 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $11.53 billion, a PE ratio of 41.89 and a beta of 0.48. The company has a 50 day simple moving average of $41.45. Open Text has a fifty-two week low of $30.99 and a fifty-two week high of $43.14.
Several institutional investors have recently modified their holdings of OTEX. Meridian Wealth Management LLC acquired a new position in shares of Open Text in the 1st quarter valued at $25,000. Zions Bancorporation N.A. acquired a new position in shares of Open Text in the 1st quarter valued at $27,000. Icon Wealth Partners LLC acquired a new position in shares of Open Text in the 1st quarter valued at $46,000. Shine Investment Advisory Services Inc. boosted its holdings in shares of Open Text by 18.3% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 2,622 shares of the software maker’s stock valued at $101,000 after buying an additional 405 shares in the last quarter. Finally, Bremer Bank National Association acquired a new position in shares of Open Text in the 1st quarter valued at $109,000. Institutional investors and hedge funds own 67.41% of the company’s stock.
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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