Open Text Corporation (NASDAQ:OTEX) Stake Boosted by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. increased its ownership stake in Open Text Corporation by 5.0%, now holding 405,009 shares valued at over $10 million.
• Various institutional investors have been active with Open Text, with 70.37% of the stock now owned by institutional investors and hedge funds.
• Open Text's stock has experienced a drop of 3.6%, with recent analyst ratings varying widely, leading to an average rating of "Hold" and a target price of $32.00.

Scotia Capital Inc. lifted its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 405,009 shares of the software maker's stock after buying an additional 19,188 shares during the quarter. Scotia Capital Inc. owned 0.16% of Open Text worth $10,134,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd lifted its stake in Open Text by 11.8% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock valued at $522,879,000 after buying an additional 1,957,695 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Open Text by 9.5% in the fourth quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock valued at $205,925,000 after acquiring an additional 632,437 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Open Text by 9.2% in the first quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker's stock valued at $148,299,000 after acquiring an additional 492,897 shares in the last quarter. Turtle Creek Asset Management Inc. boosted its stake in shares of Open Text by 2.1% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock valued at $151,985,000 after acquiring an additional 109,550 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. increased its position in Open Text by 11.8% during the 1st quarter. Letko Brosseau & Associates Inc. now owns 4,860,805 shares of the software maker's stock worth $122,664,000 after purchasing an additional 512,050 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

NASDAQ OTEX traded down $0.81 on Thursday, hitting $28.14. The stock had a trading volume of 1,525,445 shares, compared to its average volume of 1,229,040. The company's 50-day moving average is $28.89 and its two-hundred day moving average is $27.59. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.54. The stock has a market cap of $7.17 billion, a price-to-earnings ratio of 11.49 and a beta of 1.12. Open Text Corporation has a one year low of $22.79 and a one year high of $34.20.

Analysts Set New Price Targets

OTEX has been the topic of a number of research analyst reports. CIBC decreased their price target on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. National Bankshares lowered their price target on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. Royal Bank Of Canada dropped 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. Barclays lowered their price objective on shares of 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. Finally, Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $32.00.

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.