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

Open Text (TSE:OTEX) (NASDAQ:OTEX) had its price target increased by equities researchers at National Bank Financial to C$60.00 in a report issued on Thursday, Stock Target Advisor reports. The firm presently has an “outperform” rating on the stock. National Bank Financial’s price target would suggest a potential downside of 6.16% from the company’s current price.

A number of other brokerages have also weighed in on OTEX. Raymond James raised their price target on shares of Open Text to C$74.00 and gave the company an “outperform” rating in a report on Monday. National Bankshares raised their price target on shares of Open Text from C$50.75 to C$60.00 and gave the company an “outperform” rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Open Text has a consensus rating of “Buy” and a consensus target price of C$62.00.

Shares of Open Text stock traded up C$0.12 during midday trading on Thursday, reaching C$63.94. The company had a trading volume of 207,415 shares, compared to its average volume of 515,436. The company has a quick ratio of 1.44, a current ratio of 1.54 and a debt-to-equity ratio of 95.83. The firm has a market cap of C$17.47 billion and a P/E ratio of 91.10. The company’s fifty day moving average is C$60.37. Open Text has a 1-year low of C$47.95 and a 1-year high of C$64.89.

In other news, Senior Officer Paul Michael Duggan sold 3,000 shares of Open Text stock in a transaction on Thursday, June 10th. The shares were sold at an average price of C$65.68, for a total transaction of C$197,034.95. Also, Director Stephen Sadler purchased 75,000 shares of Open Text stock in a transaction dated Tuesday, June 15th. The shares were purchased at an average cost of C$60.00 per share, for a total transaction of C$4,500,000.00. Following the completion of the transaction, the director now owns 135,000 shares of the company’s stock, 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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