Canoe Financial LP boosted its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 127.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,000 shares of the software maker's stock after acquiring an additional 84,000 shares during the period. Canoe Financial LP owned about 0.06% of Open Text worth $4,242,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings 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 valued at $32,000 after acquiring an additional 793 shares during the period. Kimelman & Baird LLC acquired a new position in Open Text during the 2nd quarter valued at about $36,000. Cromwell Holdings LLC grew its position in Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock worth $55,000 after purchasing an additional 380 shares during the last quarter. Essex LLC acquired a new stake in shares of Open Text in the third quarter valued at approximately $210,000. Finally, Net Worth Advisory Group bought a new stake in shares of Open Text during the third quarter valued at approximately $226,000. Institutional investors own 70.37% of the company's stock.
Analyst Ratings Changes
A number of brokerages recently issued reports on OTEX. Scotiabank decreased their price objective on Open Text from $40.00 to $35.00 and set a "sector perform" rating for the company in a report on Friday, November 1st. TD Securities decreased their price target on Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Monday, December 30th. Citigroup cut their price objective on shares of Open Text from $33.00 to $30.00 and set a "neutral" rating on the stock in a research note on Thursday. Royal Bank of Canada lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and decreased their target price for the company from $45.00 to $33.00 in a research report on Friday, November 1st. Finally, StockNews.com raised shares of Open Text from a "buy" rating to a "strong-buy" rating in a research note on Sunday. Nine equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $35.27.
Get Our Latest Stock Report on OTEX
Open Text Price Performance
Shares of NASDAQ OTEX traded down $0.35 during trading on Friday, hitting $27.78. The company had a trading volume of 367,359 shares, compared to its average volume of 602,610. Open Text Co. has a 52 week low of $26.84 and a 52 week high of $45.47. The business's 50-day moving average is $29.03 and its 200 day moving average is $30.84. The company has a market cap of $7.33 billion, a P/E ratio of 16.06 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79.
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, 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 company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. Open Text's revenue for the quarter was down 11.0% compared to the same quarter last year. Equities research analysts predict that Open Text Co. will post 3.37 earnings per share for the current fiscal year.
Open Text Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 29th were paid a dividend of $0.262 per share. The ex-dividend date was Friday, November 29th. This is a positive change from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.77%. Open Text's dividend payout ratio is currently 60.69%.
Open Text Company 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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