If my opponent has a creature on the board with an enchantment on it giving it hexproof, and I take control of the enchantment because it is a permanent, am I now free to target the creature with spells since I am the new controller of the hexproof?
What enchantment is on the creature? It is best to use card tags in case there is confusion over the card in question.
For example, Canopy Cover and Shielding Plax are not the same as Alpha Authority and Cloudform. The first two don't actually grant Hexproof. Instead, they change the rules of the game by saying the enchanted creature can not be targeted by the opponents of the controller of the enchantment. So, if you take control of one of those enchantments, you can then freely target the enchanted creature since you are not your own opponent.
Text does not have controllers. Objects have controllers. The text "spells and abilities your opponents control" derives from the symbol 'you' (your), which is assigned meaning in relation to the object that has the hexproof. A rule says "you" on objects means "the controller of this object", or its owner if it has no controller.
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For example, Canopy Cover and Shielding Plax are not the same as Alpha Authority and Cloudform. The first two don't actually grant Hexproof. Instead, they change the rules of the game by saying the enchanted creature can not be targeted by the opponents of the controller of the enchantment. So, if you take control of one of those enchantments, you can then freely target the enchanted creature since you are not your own opponent.
Awesome avatar provided by Krashbot @ [Epic Graphics].