Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) was downgraded by equities researchers at Macquarie from a “neutral” rating to an “underperform” rating in a research report issued on Wednesday.

Several other research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Open Text Corporation from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Royal Bank Of Canada reiterated a “buy” rating and set a $40.00 price target on shares of Open Text Corporation in a research note on Monday, October 30th. CIBC increased their price target on shares of Open Text Corporation from $41.00 to $42.00 in a research note on Friday, November 3rd. Barclays PLC increased their price target on shares of Open Text Corporation from $54.00 to $55.00 in a research note on Friday, November 3rd. Finally, BMO Capital Markets decreased their price target on shares of Open Text Corporation from $40.00 to $38.00 in a research note on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $42.78.

Open Text Corporation (OTEX) opened at $33.91 on Wednesday. Open Text Corporation has a twelve month low of $29.58 and a twelve month high of $35.45. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market cap of $8,901.61, a price-to-earnings ratio of 58.83 and a beta of 0.47.

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Several institutional investors and hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP increased its holdings in shares of Open Text Corporation by 119.2% in the 3rd quarter. GSA Capital Partners LLP now owns 136,427 shares of the software maker’s stock valued at $4,405,000 after purchasing an additional 74,202 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its holdings in Open Text Corporation by 12.9% during the 3rd 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 in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Open Text Corporation during the 3rd quarter valued at about $999,000. Oppenheimer Asset Management Inc. increased its holdings in Open Text Corporation by 18.9% during the 3rd 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 in the last quarter. Finally, Turtle Creek Asset Management Inc. increased its holdings in Open Text Corporation by 6.7% during the 3rd 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 in the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.

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.

Analyst Recommendations for Open Text Corporation (NASDAQ:OTEX)

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