Saturna Capital CORP bought a new position in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 45,900 shares of the software maker’s stock, valued at approximately $1,891,000.
Several other institutional investors and hedge funds have also bought and sold shares of OTEX. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in shares of Open Text in the first quarter worth about $51,897,000. Clark Capital Management Group Inc. purchased a new position in shares of Open Text in the first quarter worth about $21,292,000. Toronto Dominion Bank increased its stake in shares of Open Text by 28.0% in the first quarter. Toronto Dominion Bank now owns 1,422,968 shares of the software maker’s stock worth $54,880,000 after purchasing an additional 311,177 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Open Text by 11.1% in the first quarter. Bank of Montreal Can now owns 3,011,673 shares of the software maker’s stock worth $115,740,000 after purchasing an additional 301,360 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Open Text by 591.0% in the first quarter. Assenagon Asset Management S.A. now owns 337,779 shares of the software maker’s stock worth $12,980,000 after purchasing an additional 288,899 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.
Several research firms have recently weighed in on OTEX. Zacks Investment Research downgraded shares of Open Text from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Benchmark reiterated a “buy” rating and issued a $48.00 target price (up previously from $42.00) on shares of Open Text in a research note on Thursday, July 11th. BidaskClub downgraded shares of Open Text from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. CIBC reaffirmed a “buy” rating and set a $53.00 price objective on shares of Open Text in a research note on Sunday, August 4th. Finally, TD Securities boosted their price objective on shares of Open Text from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $47.25.
NASDAQ:OTEX traded down $0.06 during mid-day trading on Tuesday, hitting $38.28. 33,873 shares of the stock traded hands, compared to its average volume of 653,081. The firm’s 50-day moving average is $41.58. The company has a market cap of $10.36 billion, a P/E ratio of 36.10 and a beta of 0.53. Open Text Corp has a 12-month low of $30.99 and a 12-month high of $44.49. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.54 and a current ratio of 1.54.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.27 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.10). The firm had revenue of $747.20 million for the quarter, compared to analysts’ expectations of $763.51 million. Open Text had a net margin of 9.95% and a return on equity of 7.50%. Open Text’s revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.72 EPS. As a group, sell-side analysts predict that Open Text Corp will post 1.57 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be paid a dividend of $0.175 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.70 annualized dividend and a yield of 1.83%. This is a boost from Open Text’s previous quarterly dividend of $0.17. Open Text’s payout ratio is currently 66.04%.
About Open Text
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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