Cidel Asset Management Inc. Lowers Stock Holdings in Open Text Corporation $OTEX

Cidel Asset Management Inc. reduced its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 97.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,812 shares of the software maker’s stock after selling 540,199 shares during the period. Cidel Asset Management Inc.’s holdings in Open Text were worth $374,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. CIBC Private Wealth Group LLC acquired a new position in shares of Open Text during the 3rd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd increased its holdings in Open Text by 5,096.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after acquiring an additional 1,580 shares in the last quarter. WealthCollab LLC increased its holdings in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after acquiring an additional 464 shares in the last quarter. Osaic Holdings Inc. raised its position in Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after acquiring an additional 937 shares during the period. Finally, Barclays PLC raised its position in Open Text by 55.5% during the fourth quarter. Barclays PLC now owns 1,854 shares of the software maker’s stock worth $60,000 after acquiring an additional 662 shares during the period. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTEX has been the topic of several research analyst reports. Raymond James Financial dropped their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. Royal Bank Of Canada reduced their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Barclays lifted their price objective on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Citigroup cut their price objective on Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. Finally, Scotiabank reduced their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Open Text has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Price Performance

Open Text stock opened at $21.37 on Friday. The company has a fifty day simple moving average of $22.81 and a 200-day simple moving average of $25.58. The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of 10.42 and a beta of 1.05. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. Open Text Corporation has a 52-week low of $19.77 and a 52-week high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.07. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $0.82 earnings per share. On average, equities analysts anticipate that Open Text Corporation will post 4.05 EPS for the current fiscal year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were issued a $0.275 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 5.1%. Open Text’s dividend payout ratio is presently 53.66%.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.