Open Text Co. (TSE:OTEX) Given Average Rating of “Buy” by Brokerages

Shares of Open Text Co. (TSE:OTEX) (NASDAQ:OTEX) have received an average rating of “Buy” from the six analysts that are currently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is C$71.67.

OTEX has been the subject of a number of analyst reports. TD Securities upped their price target on Open Text to C$72.50 and gave the stock a “buy” rating in a research report on Friday, August 6th. CIBC upped their price target on Open Text to C$81.00 and gave the stock an “outperform” rating in a research report on Friday, August 6th. National Bank Financial upped their price objective on Open Text to C$60.00 and gave the stock an “outperform” rating in a research note on Thursday, July 22nd. National Bankshares upped their price objective on Open Text from C$50.75 to C$60.00 and gave the stock an “outperform” rating in a research note on Thursday, July 22nd. Finally, Royal Bank of Canada upped their price objective on Open Text to C$77.50 and gave the stock an “outperform” rating in a research note on Friday, August 6th.

Open Text stock traded down C$0.43 during mid-day trading on Friday, reaching C$66.40. 174,743 shares of the stock traded hands, compared to its average volume of 476,409. The stock has a market capitalization of C$18.04 billion and a PE ratio of 46.19. The company has a debt-to-equity ratio of 94.44, a current ratio of 1.62 and a quick ratio of 1.55. Open Text has a 12-month low of C$47.95 and a 12-month high of C$69.79. The business’s 50-day moving average is C$66.16 and its 200-day moving average is C$61.91.

In other news, Senior Officer Gordon Allan Davies sold 900 shares of the stock in a transaction that occurred on Tuesday, August 10th. The stock was sold at an average price of C$69.18, for a total value of C$62,263.08. Following the sale, the insider now directly owns 63,404 shares in the company, valued at C$4,386,364.80. Also, Director Mark James Barrenechea sold 124,376 shares of the stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of C$72.40, for a total value of C$9,005,071.15. Following the completion of the sale, the director now owns 1,010,242 shares in the company, valued at C$73,143,541.28. Insiders sold a total of 312,401 shares of company stock valued at $22,376,732 over the last ninety days.

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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Analyst Recommendations for Open Text (TSE:OTEX)

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