Equities researchers at Barclays began coverage on shares of Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) in a report issued on Wednesday, The Fly reports. The brokerage set an “equal weight” rating on the software maker’s stock.
A number of other equities analysts have also recently commented on OTEX. Citigroup lifted their price target on Open Text from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, February 6th. StockNews.com assumed coverage on shares of Open Text in a report on Thursday, March 16th. They set a “strong-buy” rating for the company. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.71.
Open Text Price Performance
Shares of Open Text stock opened at $38.27 on Wednesday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 2.31 and a current ratio of 2.31. Open Text has a 52-week low of $24.91 and a 52-week high of $44.10. The company has a fifty day moving average of $34.54 and a 200-day moving average of $30.69. The stock has a market capitalization of $10.35 billion, a price-to-earnings ratio of 32.16 and a beta of 1.04.
Hedge Funds Weigh In On Open Text
Hedge funds and other institutional investors have recently modified their holdings of the stock. Jarislowsky Fraser Ltd boosted its position in Open Text by 11.8% during the 4th quarter. Jarislowsky Fraser Ltd now owns 16,631,315 shares of the software maker’s stock valued at $492,454,000 after acquiring an additional 1,756,914 shares in the last quarter. Harris Associates L P grew its stake in Open Text by 28.1% in the fourth quarter. Harris Associates L P now owns 15,205,007 shares of the software maker’s stock worth $450,552,000 after purchasing an additional 3,333,900 shares during the period. FMR LLC lifted its position in Open Text by 6.6% during the second quarter. FMR LLC now owns 14,538,858 shares of the software maker’s stock valued at $549,985,000 after buying an additional 899,891 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Open Text by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 9,462,111 shares of the software maker’s stock valued at $250,178,000 after buying an additional 271,437 shares in the last quarter. Finally, Bank of Montreal Can grew its position in shares of Open Text by 5.1% in the 3rd quarter. Bank of Montreal Can now owns 4,491,584 shares of the software maker’s stock worth $120,557,000 after buying an additional 217,559 shares during the period. Hedge funds and other institutional investors own 63.93% of the company’s stock.
Open Text Company Profile
Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.