Open Text Co. (NASDAQ:OTEX) Shares Purchased by National Bank of Canada FI

National Bank of Canada FI grew its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 17.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,021,893 shares of the software maker's stock after purchasing an additional 599,790 shares during the period. National Bank of Canada FI owned 1.50% of Open Text worth $120,390,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Open Text during the fourth quarter worth about $139,600,000. Clearbridge Investments LLC purchased a new position in shares of Open Text during the 4th quarter worth about $117,627,000. FIL Ltd boosted its position in shares of Open Text by 25.7% in the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker's stock worth $380,696,000 after acquiring an additional 1,853,891 shares during the last quarter. Cooke & Bieler LP grew its holdings in Open Text by 18.6% in the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock valued at $166,325,000 after purchasing an additional 867,978 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Open Text by 73.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,852,184 shares of the software maker's stock worth $77,970,000 after purchasing an additional 785,157 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Price Performance

Shares of NASDAQ OTEX remained flat at $31.80 during trading on Thursday. 577,989 shares of the stock were exchanged, compared to its average volume of 671,750. The company has a market cap of $8.53 billion, a P/E ratio of 51.29 and a beta of 1.11. The business's fifty day moving average price is $31.08 and its 200-day moving average price is $33.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The firm's revenue was down 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.79 EPS. As a group, sell-side analysts expect that Open Text Co. will post 3.18 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Friday, August 30th. Open Text's dividend payout ratio (DPR) is currently 169.35%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OTEX. 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. BMO Capital Markets dropped their price target on Open Text from $38.00 to $33.00 and set a "market perform" rating for the company in a research note on Friday, August 2nd. CIBC cut their price objective on Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, July 19th. StockNews.com upgraded Open Text from a "hold" rating to a "buy" rating in a report on Saturday, May 11th. Finally, Jefferies Financial Group cut their price target on shares of Open Text from $42.00 to $35.00 and set a "buy" rating on the stock in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Open Text has a consensus rating of "Hold" and a consensus price target 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.