Open Text Corporation (OTEX) Downgraded to Hold at Zacks Investment Research

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, October 27th.

According to Zacks, “Open Text Corporation is engaged in development of innovative intranet, extranet and e-Business applications. Since creating one of the first search engines to index the World Wide Web, the company has remained at the forefront of Internet-based technologies. Open Text solutions allow individuals, teams, organizations, and global trading communities to collaborate on projects, share ideas and accelerate innovation to the fastest possible speed. Open Text Corporation is headquartered in Waterloo, Canada. “

OTEX has been the subject of several other research reports. Beacon Securities upgraded Open Text Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. BidaskClub downgraded Open Text Corporation from a “hold” rating to a “sell” rating in a report on Thursday, June 29th. Scotiabank restated an “outperform” rating and set a $50.00 price objective (up previously from $41.00) on shares of Open Text Corporation in a report on Friday, August 4th. BMO Capital Markets restated an “outperform” rating and set a $40.00 price objective on shares of Open Text Corporation in a report on Friday, August 4th. Finally, Barclays PLC boosted their price objective on Open Text Corporation from $41.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $42.78.

Shares of Open Text Corporation (NASDAQ:OTEX) traded up $0.59 during mid-day trading on Friday, reaching $33.42. The company’s stock had a trading volume of 463,300 shares, compared to its average volume of 501,715. The company has a market capitalization of $8,715.77, a P/E ratio of 57.60 and a beta of 0.47. Open Text Corporation has a 1-year low of $29.30 and a 1-year high of $35.45. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.74 and a current ratio of 0.74.

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Several large investors have recently made changes to their positions in OTEX. Vanguard Group Inc. boosted its position in shares of Open Text Corporation by 126.3% during the first quarter. Vanguard Group Inc. now owns 5,446,137 shares of the software maker’s stock valued at $185,223,000 after buying an additional 3,039,282 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Open Text Corporation by 50.6% during the third quarter. Great West Life Assurance Co. Can now owns 2,819,976 shares of the software maker’s stock valued at $90,775,000 after buying an additional 947,585 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Open Text Corporation by 67.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,068,128 shares of the software maker’s stock valued at $65,198,000 after buying an additional 832,902 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Open Text Corporation by 98.9% during the first quarter. Bank of America Corp DE now owns 889,399 shares of the software maker’s stock valued at $30,249,000 after buying an additional 442,295 shares during the last quarter. Finally, Highstreet Asset Management Inc. boosted its position in shares of Open Text Corporation by 331.1% during the second quarter. Highstreet Asset Management Inc. now owns 539,152 shares of the software maker’s stock valued at $17,026,000 after buying an additional 414,077 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

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.

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