JPMorgan Chase & Co. Has $37.17 Million Stake in Open Text Co. (NASDAQ:OTEX)

JPMorgan Chase & Co. lowered its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 1.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,116,949 shares of the software maker's stock after selling 18,856 shares during the quarter. JPMorgan Chase & Co. owned 0.42% of Open Text worth $37,172,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in OTEX. Blue Trust Inc. raised its stake in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock valued at $32,000 after buying an additional 793 shares in the last quarter. Kimelman & Baird LLC acquired a new position in shares of Open Text in the 2nd quarter worth approximately $36,000. Cromwell Holdings LLC lifted its position in shares of 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 during the period. Essex LLC bought a new stake in Open Text in the third quarter valued at $210,000. Finally, Net Worth Advisory Group acquired a new stake in shares of Open Text in the 3rd quarter valued at $226,000. 70.37% of the stock is owned by institutional investors.

Open Text Trading Down 2.2 %

OTEX traded down $0.64 during trading on Tuesday, reaching $28.23. 570,887 shares of the company's stock were exchanged, compared to its average volume of 512,322. The company's fifty day moving average price is $29.47 and its 200-day moving average price is $30.98. 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 $7.47 billion, a PE ratio of 16.32 and a beta of 1.12. Open Text Co. has a fifty-two week low of $27.05 and a fifty-two week high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released 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. 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 the consensus estimate of $1.28 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The firm's revenue was down 11.0% on a year-over-year basis. As a group, equities analysts forecast that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were paid a dividend of $0.262 per share. This is a positive change from Open Text's previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.05 annualized dividend and a yield of 3.71%. Open Text's dividend payout ratio (DPR) is presently 60.69%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OTEX shares. TD Securities cut their price target on shares of Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a report on Monday, December 30th. BMO Capital Markets decreased their target price on Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a report on Friday, November 1st. Barclays reduced their price target on shares of Open Text from $36.00 to $34.00 and set an "equal weight" rating on the stock in a research report on Friday, November 1st. Scotiabank decreased their price objective on shares of Open Text from $40.00 to $35.00 and set a "sector perform" rating on the stock in a report on Friday, November 1st. Finally, UBS Group assumed coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 target price for the company. 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 data from MarketBeat, Open Text presently has a consensus rating of "Hold" and an average target price of $35.55.

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.