Verition Fund Management LLC purchased a new stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 28,538 shares of the software maker's stock, valued at approximately $950,000.
A number of other institutional investors have also recently made changes to their positions in OTEX. Ridgewood Investments LLC purchased a new stake in shares of Open Text in the second quarter valued at $30,000. Blue Trust Inc. raised its position in Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock worth $32,000 after purchasing an additional 793 shares during the period. Kimelman & Baird LLC bought a new stake in Open Text in the second quarter worth about $36,000. Cromwell Holdings LLC boosted its position in shares of Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock valued at $55,000 after buying an additional 380 shares during the period. Finally, Essex LLC bought a new position in shares of Open Text during the third quarter valued at approximately $210,000. Institutional investors own 70.37% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the company. Scotiabank decreased their price target on Open Text from $40.00 to $35.00 and set a "sector perform" rating for the company in a research note on Friday, November 1st. Citigroup decreased their target price on Open Text from $34.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, November 1st. TD Securities reduced their price target on shares of Open Text from $40.00 to $38.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Royal Bank of Canada lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and decreased their price objective for the company from $45.00 to $33.00 in a report on Friday, November 1st. Finally, BMO Capital Markets dropped their target price on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a research note on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Open Text has a consensus rating of "Hold" and a consensus target price of $35.90.
Check Out Our Latest Research Report on OTEX
Open Text Stock Down 0.5 %
OTEX stock traded down $0.14 during trading on Monday, hitting $30.53. 579,043 shares of the company's stock traded hands, compared to its average volume of 647,912. The firm has a market capitalization of $8.12 billion, a P/E ratio of 17.65 and a beta of 1.11. Open Text Co. has a 1 year low of $27.50 and a 1 year 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 business has a fifty day simple moving average of $31.41 and a two-hundred day simple moving average of $31.02.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.13. The business had revenue of $1.27 billion for 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 for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. Sell-side analysts anticipate that Open Text Co. will post 3.37 EPS for the current year.
Open Text Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be issued a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.43%. Open Text's payout ratio is currently 60.69%.
Open Text Profile
(
Free Report)
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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