Toronto Dominion Bank reduced its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 10.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 516,330 shares of the software maker's stock after selling 59,775 shares during the quarter. Toronto Dominion Bank owned approximately 0.20% of Open Text worth $14,598,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OTEX. IFP Advisors Inc raised its holdings in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares in the last quarter. Blue Trust Inc. raised its holdings in Open Text by 40.8% in 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 bought a new position in shares of Open Text in the 4th quarter worth about $60,000. Generali Asset Management SPA SGR bought a new position in shares of Open Text in the 4th quarter worth about $62,000. Finally, Allworth Financial LP increased its stake in shares of Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after acquiring an additional 439 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.
Open Text Stock Performance
Shares of NASDAQ:OTEX traded down $0.18 during midday trading on Friday, reaching $27.95. The company's stock had a trading volume of 761,038 shares, compared to its average volume of 842,395. The firm has a market capitalization of $7.24 billion, a PE ratio of 11.36 and a beta of 1.15. Open Text Co. has a twelve month low of $22.79 and a twelve month high of $34.20. The stock has a fifty day moving average of $26.28 and a 200 day moving average of $27.65. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50.
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, topping analysts' consensus estimates of $0.81 by $0.01. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. The business's quarterly revenue was down 13.3% compared to the same quarter last year. On average, equities analysts expect that Open Text Co. will post 3.45 EPS for the current fiscal year.
Open Text Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Friday, June 6th. Open Text's payout ratio is 42.86%.
Analyst Upgrades and Downgrades
OTEX has been the subject of several research reports. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Citigroup raised their target price on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. Scotiabank reduced their price target on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. CIBC dropped their price objective on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Finally, TD Securities lowered their price objective on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $32.30.
Read Our Latest Research Report on OTEX
About Open Text
(
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.
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