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Upgrade Alert for Open Text (OTEX)

By James Quinn

Open Text (NASDAQ:OTEX) was upgraded from Sector Performer to Outperformer at CIBC today. The stock closed yesterday at $57.88 on volume of 517,000 shares, above average daily volume of 272,000.

Open Text share prices have moved between a 52-week high of $104.56 and a 52-week low of $36.65 and closed yesterday at 58% above that low price at $57.88 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 0.8%.

Open Text Corporation provides intranet, extranet, and corporate portal solutions to organizations located throughout the world. The Company's flagship product, Livelink is an off-the-shelf, enterprise scalable, collaborative application for companies that want to leverage their information and resources through intranets.

Open Text (NASDAQ:OTEX) defies analysts with a current price ($57.88) 9.1% above its average consensus price target of $52.62. Open Text shares have support at the 50-day moving average (MA) of $52.01 and additional support at the 200-day MA of $47.65.

SmarTrend recommended that subscribers consider buying shares of Open Text on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $49.72. Since that recommendation, shares of Open Text have risen 13.3%. We continue to monitor OTEX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades open text

Ticker(s): OTEX