Gulf International Bank UK Ltd Reduces Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Gulf International Bank UK Ltd cut its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 44.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,076 shares of the software maker’s stock after selling 847 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Open Text were worth $35,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Brandes Investment Partners LP boosted its stake in Open Text by 236.8% in the 2nd quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker’s stock worth $55,059,000 after purchasing an additional 1,290,011 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Open Text by 25.1% during the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after buying an additional 1,118,479 shares during the last quarter. Cooke & Bieler LP increased its position in shares of Open Text by 18.6% in the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock valued at $166,325,000 after acquiring an additional 867,978 shares during the period. JARISLOWSKY FRASER Ltd raised its stake in Open Text by 5.1% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after acquiring an additional 767,822 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Open Text by 17.5% during the 2nd quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after acquiring an additional 599,790 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on OTEX shares. National Bank Financial cut Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. National Bankshares lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target for the company. in a research report on Friday, August 2nd. CIBC dropped their price objective on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. BMO Capital Markets reduced their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. Finally, Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $45.00 to $33.00 in a report on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.90.

Open Text Trading Down 1.2 %

OTEX stock opened at $29.25 on Friday. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market cap of $7.78 billion, a P/E ratio of 16.91 and a beta of 1.13. The company’s 50-day simple moving average is $32.42 and its 200-day simple moving average is $31.35.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s revenue was down 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. As a group, equities analysts forecast that Open Text Co. will post 3.23 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a dividend of $0.262 per share. The ex-dividend date is Friday, November 29th. This is a boost from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.58%. Open Text’s dividend payout ratio is currently 60.69%.

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.