Open Text Co. (NASDAQ:OTEX) Shares Sold by Scotia Capital Inc.

Scotia Capital Inc. reduced its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 28.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 385,821 shares of the software maker's stock after selling 150,043 shares during the quarter. Scotia Capital Inc. owned 0.15% of Open Text worth $10,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. IFP Advisors Inc increased its position in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after acquiring an additional 398 shares during the last quarter. Generali Asset Management SPA SGR purchased a new position in Open Text during the fourth quarter worth approximately $62,000. Allworth Financial LP grew its holdings in shares of Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after purchasing an additional 439 shares during the period. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Open Text in the fourth quarter valued at $105,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

Shares of NASDAQ:OTEX traded down $0.03 during midday trading on Wednesday, reaching $25.58. 263,461 shares of the company traded hands, compared to its average volume of 808,332. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a 12 month low of $22.79 and a 12 month high of $36.39. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 10.40 and a beta of 1.13. The firm's fifty day moving average price is $26.17 and its two-hundred day moving average price is $28.76.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, equities analysts expect that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a dividend of $0.2625 per share. The ex-dividend date was Friday, March 7th. This is a boost from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a yield of 4.10%. Open Text's dividend payout ratio (DPR) is currently 42.68%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OTEX. UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price objective for the company. Royal Bank of Canada dropped their price objective on shares of Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a research report on Friday, February 7th. StockNews.com lowered shares of Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. TD Securities lowered their price objective on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research note on Sunday, February 9th. Finally, Barclays raised their price objective on shares of Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $35.18.

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.