Mn Services Vermogensbeheer B.V. decreased its position in Open Text Corporation (NASDAQ:OTEX – Free Report) (TSE:OTC) by 9.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,440 shares of the software maker’s stock after selling 10,600 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Open Text were worth $2,434,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the company. Blue Trust Inc. raised its position 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 valued at $39,000 after purchasing an additional 398 shares during the period. Allworth Financial LP raised its position in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the period. IFP Advisors Inc increased its position in Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after acquiring an additional 515 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Open Text by 1.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker’s stock worth $1,857,000 after acquiring an additional 947 shares during the period. Finally, Versant Capital Management Inc bought a new position in Open Text during the first quarter worth $26,000. Institutional investors own 70.37% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on OTEX shares. UBS Group dropped their target price on shares of Open Text from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Citigroup boosted their target price on shares of Open Text from $29.00 to $43.00 and gave the stock a “negative” rating in a research report on Friday, May 2nd. CIBC dropped their target price on shares of Open Text from $33.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Scotiabank dropped their target price on shares of Open Text from $35.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Monday, April 28th. Finally, Royal Bank Of Canada dropped their target price on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $32.30.
Open Text Stock Performance
Open Text stock opened at $28.28 on Wednesday. The stock has a 50-day simple moving average of $27.27 and a 200 day simple moving average of $27.50. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $34.20. The stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of 11.54 and a beta of 1.13.
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last released its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The firm’s revenue for the quarter was down 13.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.94 earnings per share. On average, research analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.
Open Text Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.2625 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 annualized dividend and a yield of 3.71%. Open Text’s dividend payout ratio is currently 42.86%.
About Open Text
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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