Migdal Insurance & Financial Holdings Ltd. bought a new stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 9,000 shares of the software maker's stock, valued at approximately $269,000.
A number of other large investors also recently made changes to their positions in OTEX. Letko Brosseau & Associates Inc. grew its position in Open Text by 11.9% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 2,863,290 shares of the software maker's stock worth $120,929,000 after buying an additional 304,677 shares in the last quarter. Vanguard Group Inc. raised its stake in Open Text by 1.3% in the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker's stock valued at $401,693,000 after purchasing an additional 135,812 shares in the last quarter. Forge First Asset Management Inc. bought a new stake in Open Text during the first quarter worth about $2,305,000. Norges Bank acquired a new stake in Open Text during the fourth quarter worth about $139,600,000. Finally, FIL Ltd raised its position in shares of Open Text by 25.7% in the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker's stock valued at $380,696,000 after buying an additional 1,853,891 shares in the last quarter. Institutional investors own 70.37% of the company's stock.
Open Text Trading Down 0.4 %
NASDAQ OTEX traded down $0.12 on Thursday, reaching $31.89. The company had a trading volume of 1,094,059 shares, compared to its average volume of 671,573. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week 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 firm has a market cap of $8.61 billion, a price-to-earnings ratio of 52.11 and a beta of 1.12. The business has a 50 day moving average of $30.85 and a two-hundred day moving average of $33.42.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company's revenue for the quarter was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. Analysts forecast that Open Text Co. will post 3.18 EPS for the current year.
Open Text Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.192 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.77 annualized dividend and a yield of 2.41%. Open Text's payout ratio is 169.35%.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. Scotiabank reiterated a "sector perform" rating on shares of Open Text in a research note on Friday, May 3rd. BMO Capital Markets decreased their price target on shares of Open Text from $38.00 to $33.00 and set a "market perform" rating on the stock in a report on Friday, August 2nd. Citigroup lowered their price objective on shares of Open Text from $37.00 to $32.00 and set a "neutral" rating for the company in a research report on Wednesday, June 26th. National Bank Financial cut shares of Open Text from an "outperform" rating to a "sector perform" rating in a research note on Friday, August 2nd. Finally, StockNews.com upgraded shares of Open Text from a "hold" rating to a "buy" rating in a report on Saturday, May 11th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Open Text currently has a consensus rating of "Hold" and a consensus price target of $38.60.
Read Our Latest Report on Open Text
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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