Open Text Corp. (NASDAQ:OTEX) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $62.78 and last traded at $62.09, with a volume of 146,318 shares trading hands. The stock had previously closed at $62.33.

OTEX has been the subject of a number of recent research reports. TD Securities initiated coverage on Open Text Corp. in a research note on Monday, April 4th. They set a “buy” rating and a $58.00 price target for the company. Zacks Investment Research upgraded Open Text Corp. from a “hold” rating to a “strong-buy” rating and set a $72.00 price target for the company in a research note on Thursday, July 21st. Benchmark Co. boosted their price target on Open Text Corp. from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, April 28th. Royal Bank Of Canada boosted their price target on Open Text Corp. from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, June 21st. Finally, CIBC upgraded Open Text Corp. from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 25th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $58.67.

The stock’s 50-day moving average price is $59.85 and its 200 day moving average price is $53.55. The company has a market capitalization of $7.52 billion and a P/E ratio of 28.61.

A number of institutional investors recently added to or reduced their stakes in the company. Snow Capital Management LP raised its position in Open Text Corp. by 23.5% in the fourth quarter. Snow Capital Management LP now owns 964,511 shares of the company’s stock worth $46,229,000 after buying an additional 183,248 shares during the period. State of Wisconsin Investment Board raised its position in Open Text Corp. by 69.3% in the fourth quarter. State of Wisconsin Investment Board now owns 106,284 shares of the company’s stock worth $5,076,000 after buying an additional 43,500 shares during the period. Marshall Wace LLP raised its position in Open Text Corp. by 89.8% in the fourth quarter. Marshall Wace LLP now owns 180,666 shares of the company’s stock worth $8,659,000 after buying an additional 85,478 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Open Text Corp. by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 30,730 shares of the company’s stock worth $1,473,000 after buying an additional 1,100 shares during the period.

Open Text Corporation is a Canada-based company operating in enterprise information market (EIM). The Company provides software products and services to organizations in finding, utilizing and sharing business information. The Company’s products and services include enterprise content management (ECM), business process management (BPM), customer experience management (CEM), information exchange (iX), discovery, and analytics and reporting.

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