Open Text (NASDAQ:OTEX) Upgraded to Buy at Wall Street Zen

Key Points

• Open Text has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating growing confidence in the company's performance.
• Despite the upgrade, several analysts have issued lower price targets for Open Text, with a consensus target price of $32.00.
• Institutional investors own 70.37% of Open Text's stock, indicating significant institutional interest and confidence in the company.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC was upgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Other research analysts have also recently issued research reports about the company. Scotiabank dropped their price target on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. BMO Capital Markets lowered their price target on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a report on Friday, May 2nd. Citigroup lifted their price objective on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research note on Friday, May 2nd. Jefferies Financial Group reissued a "buy" rating on shares of Open Text in a research report on Friday. Finally, CIBC reduced their price target on Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Open Text currently has a consensus rating of "Hold" and a consensus target price of $32.00.

Open Text Trading Up 9.8%

Shares of OTEX stock opened at $30.91 on Friday. Open Text has a fifty-two week low of $22.79 and a fifty-two week high of $34.20. The stock has a market cap of $7.86 billion, a P/E ratio of 18.73 and a beta of 1.12. The business has a fifty day simple moving average of $28.95 and a 200-day simple moving average of $27.61. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54.

Institutional Trading of Open Text

Several institutional investors have recently modified their holdings of OTEX. Value Partners Investments Inc. lifted its holdings in shares of Open Text by 1,162.1% in the first quarter. Value Partners Investments Inc. now owns 2,333,539 shares of the software maker's stock valued at $58,955,000 after buying an additional 2,148,639 shares during the period. JARISLOWSKY FRASER Ltd lifted its holdings in shares of Open Text by 11.8% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock valued at $522,879,000 after buying an additional 1,957,695 shares during the period. Criteria Caixa S.A.U. acquired a new stake in shares of Open Text in the fourth quarter valued at $32,890,000. Letko Brosseau & Associates Inc. lifted its holdings in shares of Open Text by 16.2% in the second quarter. Letko Brosseau & Associates Inc. now owns 5,649,818 shares of the software maker's stock valued at $164,754,000 after buying an additional 789,013 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Open Text by 91.3% in the fourth quarter. Bank of America Corp DE now owns 1,602,313 shares of the software maker's stock valued at $45,378,000 after buying an additional 764,734 shares during the period. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Company Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.

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