Chase Investment Counsel Corp Trims Holdings in Open Text Co. (NASDAQ:OTEX)

Chase Investment Counsel Corp reduced its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 18.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,704 shares of the software maker’s stock after selling 1,719 shares during the period. Chase Investment Counsel Corp’s holdings in Open Text were worth $323,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. IFP Advisors Inc raised its holdings in Open Text by 82.0% in the third quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock valued at $31,000 after buying an additional 392 shares during the period. Pacifica Partners Inc. purchased a new position in Open Text in the fourth quarter valued at approximately $32,000. Allworth Financial LP raised its holdings in Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares during the period. Cigna Investments Inc. New purchased a new position in Open Text in the fourth quarter valued at approximately $211,000. Finally, Mosaic Family Wealth Partners LLC purchased a new position in Open Text in the fourth quarter valued at approximately $213,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on OTEX. BMO Capital Markets lifted their price objective on shares of Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Citigroup dropped their price objective on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. TD Securities lifted their price objective on shares of Open Text from $53.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Jefferies Financial Group began coverage on shares of Open Text in a research note on Tuesday, February 27th. They set a “buy” rating and a $45.00 price objective on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $53.00 price objective on shares of Open Text in a research note on Friday, February 2nd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Open Text currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.25.

Open Text Stock Down 0.5 %

Shares of NASDAQ:OTEX opened at $35.49 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.10. The company has a fifty day simple moving average of $37.68 and a 200 day simple moving average of $38.78. The firm has a market cap of $9.67 billion, a PE ratio of 75.51 and a beta of 1.09. Open Text Co. has a 12-month low of $32.04 and a 12-month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. On average, equities research analysts anticipate that Open Text Co. will post 4.14 EPS for the current fiscal year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Thursday, February 29th. Open Text’s dividend payout ratio is presently 212.77%.

Open Text Company Profile

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.