Open Text Co. (NASDAQ:OTEX) Shares Sold by Nexus Investment Management ULC

Nexus Investment Management ULC lowered its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 71.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,890 shares of the software maker's stock after selling 45,240 shares during the quarter. Nexus Investment Management ULC's holdings in Open Text were worth $452,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. IFP Advisors Inc increased its position 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 buying an additional 515 shares in the last quarter. Versant Capital Management Inc purchased a new stake in Open Text during the 1st quarter worth about $26,000. Blue Trust Inc. increased its position in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in Open Text during the 4th quarter worth about $60,000. Finally, Generali Asset Management SPA SGR purchased a new stake in Open Text during the 4th quarter worth about $62,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on OTEX shares. Barclays dropped their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Royal Bank of Canada dropped their price objective on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 22nd. Scotiabank lowered their price target on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. Finally, Citigroup lifted 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 research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $32.30.

Open Text Trading Down 0.7%

Shares of NASDAQ OTEX traded down $0.20 during midday trading on Monday, hitting $28.12. The stock had a trading volume of 1,025,253 shares, compared to its average volume of 856,507. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 11.42 and a beta of 1.15. Open Text Co. has a 1-year low of $22.79 and a 1-year 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 company has a fifty day moving average price of $26.43 and a 200 day moving average price of $27.58.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. The business 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 23.23% and a net margin of 12.21%. The company's revenue was down 13.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. On average, analysts predict that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 3.73%. The ex-dividend date is Friday, June 6th. Open Text's dividend payout ratio (DPR) is presently 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.