Intech Investment Management LLC reduced its position in shares of Open Text Co. (NASDAQ:OTEX – Free Report) (TSE:OTC) by 15.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 53,958 shares of the software maker’s stock after selling 10,238 shares during the period. Intech Investment Management LLC’s holdings in Open Text were worth $1,798,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of the business. Ridgewood Investments LLC purchased a new stake in Open Text in the 2nd quarter worth $30,000. Blue Trust Inc. increased its stake in shares of Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares in the last quarter. Kimelman & Baird LLC purchased a new position in Open Text in the 2nd quarter valued at about $36,000. Cromwell Holdings LLC increased its stake in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares in the last quarter. Finally, Essex LLC purchased a new position in shares of Open Text in the third quarter valued at approximately $210,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts recently commented on OTEX shares. BMO Capital Markets reduced their price objective on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Scotiabank lowered their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Jefferies Financial Group cut their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Citigroup lowered their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. Finally, National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target for the company. in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.90.
Open Text Trading Up 2.8 %
Shares of Open Text stock opened at $30.28 on Tuesday. The stock has a 50 day moving average of $31.89 and a 200 day moving average of $31.02. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $8.05 billion, a price-to-earnings ratio of 17.50 and a beta of 1.13. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47.
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last released its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the business posted $0.90 EPS. The company’s revenue was down 11.0% compared to the same quarter last year. As a group, research analysts predict that Open Text Co. will post 3.37 earnings per share for the current year.
Open Text Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be issued a $0.262 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio is currently 60.69%.
About Open Text
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.
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