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TD Asset Management Inc Increases Holdings in Open Text Corporation $OTEX

Open Text logo with Computer and Technology background

TD Asset Management Inc increased its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 7.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,930,452 shares of the software maker's stock after buying an additional 138,989 shares during the quarter. TD Asset Management Inc owned about 0.75% of Open Text worth $56,294,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cromwell Holdings LLC lifted its position in Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker's stock worth $48,000 after buying an additional 352 shares in the last quarter. Headlands Technologies LLC lifted its position in Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after buying an additional 2,261 shares in the last quarter. United Services Automobile Association purchased a new position in Open Text during the first quarter worth approximately $213,000. Ridgewood Investments LLC lifted its position in Open Text by 593.1% during the first quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker's stock worth $219,000 after buying an additional 7,414 shares in the last quarter. Finally, Callan Family Office LLC acquired a new stake in Open Text during the second quarter worth $250,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

OTEX has been the subject of several recent analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Open Text in a research note on Wednesday, October 8th. Barclays reissued a "positive" rating on shares of Open Text in a research note on Friday, August 8th. National Bank Financial raised Open Text from a "sector perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research note on Monday, September 15th. National Bankshares raised Open Text from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $34.00 to $45.00 in a research note on Monday, September 15th. Finally, Royal Bank Of Canada raised their target price on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Tuesday, September 2nd. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Open Text has an average rating of "Hold" and an average target price of $37.25.

View Our Latest Stock Report on OTEX

Open Text Trading Up 0.2%

Shares of NASDAQ OTEX opened at $39.15 on Thursday. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $39.90. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The stock has a fifty day simple moving average of $34.93 and a 200-day simple moving average of $30.19. The stock has a market capitalization of $9.90 billion, a PE ratio of 23.73 and a beta of 1.17.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.11. The business had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company's revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. On average, equities analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.8%. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date was Friday, September 5th. Open Text's dividend payout ratio (DPR) is 66.67%.

Open Text Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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