Addenda Capital Inc. Has $4.29 Million Stake in Open Text Co. (NASDAQ:OTEX)

Addenda Capital Inc. lessened its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 24.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 169,703 shares of the software maker's stock after selling 54,801 shares during the quarter. Addenda Capital Inc. owned about 0.06% of Open Text worth $4,287,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc boosted its holdings in 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 acquiring an additional 515 shares during the period. Versant Capital Management Inc acquired a new stake in shares of Open Text during the first quarter worth about $26,000. Blue Trust Inc. boosted its holdings 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 acquiring an additional 398 shares during the period. Parallel Advisors LLC increased its position in Open Text by 219.3% in the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after acquiring an additional 1,331 shares during the period. Finally, Aquatic Capital Management LLC acquired a new stake in shares of Open Text in the 4th quarter worth $60,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Trading Up 0.4%

OTEX stock traded up $0.10 during midday trading on Wednesday, reaching $28.46. The company's stock had a trading volume of 1,176,915 shares, compared to its average volume of 863,676. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $34.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The stock has a market cap of $7.37 billion, a PE ratio of 11.57 and a beta of 1.15. The business's 50-day simple moving average is $26.49 and its 200-day simple moving average is $27.58.

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 for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The business's revenue was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 EPS. As a group, sell-side analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders 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 dividend yield of 3.69%. Open Text's dividend payout ratio is presently 42.86%.

Analysts Set New Price Targets

Several research firms have recently commented on OTEX. National Bankshares lowered their price target on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Friday, April 25th. TD Securities reduced their price objective on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Sunday, February 9th. Barclays lowered their price target on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. BMO Capital Markets dropped their price objective on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a research note on Friday, May 2nd. Finally, Citigroup increased their price target on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $32.30.

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.