National Bank Financial Boosts Open Text (TSE:OTEX) Price Target to C$60.00

Open Text (TSE:OTEX) (NASDAQ:OTEX) had its price objective boosted by research analysts at National Bank Financial to C$60.00 in a report issued on Thursday, Stock Target Advisor reports. The firm currently has an “outperform” rating on the stock. National Bank Financial’s price target suggests a potential downside of 6.16% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Raymond James boosted their price objective on shares of Open Text to C$74.00 and gave the company an “outperform” rating in a report on Monday. National Bankshares upped their price target on shares of Open Text from C$50.75 to C$60.00 and gave the stock an “outperform” rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of C$62.00.

TSE OTEX traded up C$0.12 during trading on Thursday, reaching C$63.94. The company’s stock had a trading volume of 207,415 shares, compared to its average volume of 515,436. The company has a debt-to-equity ratio of 95.83, a current ratio of 1.54 and a quick ratio of 1.44. The stock has a market cap of C$17.47 billion and a price-to-earnings ratio of 91.10. Open Text has a 12 month low of C$47.95 and a 12 month high of C$64.89. The company has a 50 day moving average of C$60.37.

In related news, Director Mark James Barrenechea sold 242,785 shares of the company’s stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of C$62.42, for a total transaction of C$15,153,653.02. Following the completion of the transaction, the director now directly owns 985,242 shares in the company, valued at approximately C$61,494,801.62. Also, Director Stephen Sadler acquired 75,000 shares of the stock in a transaction that occurred on Tuesday, June 15th. The shares were bought at an average price of C$60.00 per share, with a total value of C$4,500,000.00. Following the completion of the transaction, the director now owns 135,000 shares in the company, valued at C$8,100,000.

Open Text Company Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; business network that manages and connects data within the organization; Cyber Resilience, a solution for defending against cyber threats and preparing for business continuity and response in the event of a breach; OpenText security solutions that addresses information security and digital investigations; AI and analytics that leverages structured or unstructured data; and OpenText Information Management software platform that provides multi-level, multi-role, and multi context security information platforms.

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