Open Text Co. (NASDAQ:OTEX) Short Interest Update

Open Text Co. (NASDAQ:OTEX - Get Free Report) TSE: OTC was the target of a large increase in short interest in August. As of August 15th, there was short interest totalling 4,740,000 shares, an increase of 24.4% from the July 31st total of 3,810,000 shares. Based on an average trading volume of 674,500 shares, the days-to-cover ratio is currently 7.0 days. Currently, 1.8% of the company's shares are short sold.

Open Text Stock Performance

Shares of NASDAQ OTEX traded up $0.19 during trading hours on Friday, hitting $31.82. 684,774 shares of the stock were exchanged, compared to its average volume of 671,960. The firm has a market capitalization of $8.59 billion, a P/E ratio of 51.32 and a beta of 1.12. Open Text has a one year low of $27.50 and a one year high of $45.47. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The company's 50 day moving average is $30.94 and its 200 day moving average is $33.35.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, topping the consensus estimate of $0.93 by $0.05. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The company's revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.79 EPS. On average, research analysts expect that Open Text will post 3.18 EPS for the current year.

Open Text Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.192 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, August 30th. Open Text's dividend payout ratio (DPR) is presently 169.35%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Optiver Holding B.V. acquired a new stake in shares of Open Text during the 4th quarter valued at about $27,000. Ridgewood Investments LLC bought a new position in Open Text during the second quarter worth about $30,000. Headlands Technologies LLC acquired a new stake in Open Text during the first quarter valued at approximately $32,000. Kimelman & Baird LLC bought a new stake in shares of Open Text in the 2nd quarter valued at approximately $36,000. Finally, Assetmark Inc. acquired a new position in shares of Open Text in the 4th quarter worth approximately $48,000. Institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

OTEX has been the subject of several recent analyst reports. CIBC decreased their target price on Open Text from $36.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, July 19th. Scotiabank reaffirmed a "sector perform" rating on shares of Open Text in a research note on Friday, May 3rd. Jefferies Financial Group reduced their price target on shares of Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. Barclays lowered their price objective on shares of Open Text from $38.00 to $36.00 and set an "equal weight" rating on the stock in a research report on Monday, August 5th. Finally, StockNews.com upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Saturday, May 11th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $38.60.

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.