Cidel Asset Management Inc. Has $23.03 Million Stock Holdings in Open Text Corporation (NASDAQ:OTEX)

Cidel Asset Management Inc. lifted its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 2.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 912,578 shares of the software maker's stock after purchasing an additional 18,754 shares during the quarter. Open Text comprises 1.5% of Cidel Asset Management Inc.'s holdings, making the stock its 21st biggest position. Cidel Asset Management Inc. owned approximately 0.35% of Open Text worth $23,029,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. IFP Advisors Inc raised its holdings in shares of Open Text by 103.8% in the fourth 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. Bank of New York Mellon Corp boosted its position in Open Text by 2.2% during the fourth quarter. Bank of New York Mellon Corp now owns 352,405 shares of the software maker's stock worth $9,980,000 after purchasing an additional 7,728 shares during the period. Bridges Investment Management Inc. boosted its position in Open Text by 16.7% during the fourth quarter. Bridges Investment Management Inc. now owns 55,240 shares of the software maker's stock worth $1,564,000 after purchasing an additional 7,910 shares during the period. Asahi Life Asset Management CO. LTD. acquired a new position in Open Text in the 4th quarter valued at $241,000. Finally, Plato Investment Management Ltd acquired a new position in Open Text in the 4th quarter valued at $138,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Price Performance

Shares of Open Text stock opened at $29.20 on Tuesday. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The business's 50 day simple moving average is $27.84 and its two-hundred day simple moving average is $27.35. The stock has a market capitalization of $7.49 billion, a P/E ratio of 11.92 and a beta of 1.13. Open Text Corporation has a one year low of $22.79 and a one year high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The business's quarterly revenue was down 13.3% compared to the same quarter last year. During the same period last year, the company earned $0.94 EPS. Analysts forecast that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a dividend of $0.2625 per share. The ex-dividend date was Friday, June 6th. This represents a $1.05 annualized dividend and a dividend yield of 3.60%. Open Text's dividend payout ratio is presently 42.86%.

Wall Street Analyst Weigh In

A number of research firms recently commented on OTEX. Scotiabank dropped their price target on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. CIBC reduced their price target on Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Citigroup boosted their price target on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday, May 2nd. Royal Bank Of Canada reduced their target price on Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 22nd. Finally, Barclays reduced their target price on Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Open Text has an average rating of "Hold" and a consensus price target of $32.30.

Open Text 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.