Virginia Retirement Systems ET AL trimmed its position in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 514,900 shares of the software maker’s stock after selling 4,000 shares during the quarter. Virginia Retirement Systems ET AL owned approximately 0.19% of Open Text worth $16,575,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN boosted its position in Open Text by 15.6% during the 2nd quarter. Wells Fargo & Company MN now owns 5,539 shares of the software maker’s stock worth $175,000 after acquiring an additional 749 shares during the period. Bank of Nova Scotia Trust Co. raised its position in Open Text by 7.5% during the second quarter. Bank of Nova Scotia Trust Co. now owns 6,498 shares of the software maker’s stock valued at $205,000 after buying an additional 452 shares during the period. Creative Planning boosted its stake in shares of Open Text by 48.7% during the 2nd quarter. Creative Planning now owns 6,714 shares of the software maker’s stock worth $212,000 after acquiring an additional 2,200 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new position in shares of Open Text in the 2nd quarter worth approximately $243,000. Finally, Harbour Capital Advisors LLC bought a new position in Open Text in the 3rd quarter valued at $245,000. 66.77% of the stock is currently owned by institutional investors.
Shares of Open Text Corp (NASDAQ:OTEX) opened at $32.18 on Thursday. The firm has a market cap of $8,614.89, a price-to-earnings ratio of 56.93 and a beta of 0.44. Open Text Corp has a 52-week low of $29.58 and a 52-week high of $35.45. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.67.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 1st will be given a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Thursday, November 30th. Open Text’s payout ratio is 92.98%.
A number of analysts recently issued reports on the company. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $40.00 target price on shares of Open Text in a research report on Monday, October 30th. Mitsubishi UFJ Financial Group restated an “overweight” rating on shares of Open Text in a report on Thursday, November 2nd. Zacks Investment Research cut Open Text from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Macquarie cut Open Text from a “neutral” rating to an “underperform” rating and set a $31.50 price target for the company. in a research note on Wednesday, November 22nd. Finally, BidaskClub downgraded shares of Open Text from a “hold” rating to a “sell” rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $42.27.
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Open Text Profile
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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