Open Text Co. (NASDAQ:OTEX) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 2.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,022,387 shares of the software maker's stock after purchasing an additional 25,665 shares during the period. CIBC Asset Management Inc owned 0.38% of Open Text worth $30,681,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Optiver Holding B.V. acquired a new position in shares of Open Text during the 4th quarter worth approximately $27,000. Ridgewood Investments LLC acquired a new position in Open Text in the 2nd quarter valued at $30,000. Headlands Technologies LLC acquired a new position in Open Text in the 1st quarter valued at $32,000. Assetmark Inc. acquired a new position in Open Text in the 4th quarter valued at $48,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Open Text by 18.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker's stock valued at $92,000 after buying an additional 334 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Trading Down 0.1 %

NASDAQ OTEX traded down $0.03 during trading hours on Tuesday, hitting $31.79. 670,478 shares of the company's stock were exchanged, compared to its average volume of 671,951. The stock has a 50-day simple moving average of $31.03 and a 200 day simple moving average of $33.14. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The firm has a market cap of $8.58 billion, a price-to-earnings ratio of 51.27 and a beta of 1.12. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its 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. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter last year, the firm posted $0.79 earnings per share. The firm's revenue was down 8.6% on a year-over-year basis. On average, equities analysts forecast that Open Text Co. will post 3.18 EPS for the current fiscal year.

Open Text Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be paid a $0.192 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a yield of 2.42%. Open Text's dividend payout ratio (DPR) is presently 169.35%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of a number of research reports. National Bankshares lowered Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price objective on the stock. in a report on Friday, August 2nd. Jefferies Financial Group reduced their target price on Open Text from $42.00 to $35.00 and set a "buy" rating on the stock in a report on Friday, August 2nd. Barclays reduced their target price on Open Text from $38.00 to $36.00 and set an "equal weight" rating on the stock in a report on Monday, August 5th. Citigroup reduced their target price on Open Text from $37.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, June 26th. Finally, CIBC reduced their target price on Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, July 19th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $38.60.

Open Text 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.