Open Text Corporation $OTEX Stock: TD Waterhouse Canada Inc. Decreases Holdings

TD Waterhouse Canada Inc. lessened its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 56.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 861,852 shares of the software maker’s stock after selling 1,115,392 shares during the period. TD Waterhouse Canada Inc.’s holdings in Open Text were worth $19,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Ridgewood Investments LLC lifted its holdings in shares of Open Text by 1.4% during the 3rd quarter. Ridgewood Investments LLC now owns 67,238 shares of the software maker’s stock worth $1,507,000 after acquiring an additional 936 shares during the period. Sequoia Financial Advisors LLC boosted its position in shares of Open Text by 8.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 17,506 shares of the software maker’s stock valued at $388,000 after acquiring an additional 1,337 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Open Text by 797.0% during the 2nd quarter. Tidal Investments LLC now owns 300,997 shares of the software maker’s stock valued at $6,667,000 after acquiring an additional 267,440 shares in the last quarter. Engineers Gate Manager LP increased its stake in Open Text by 807.5% in the second quarter. Engineers Gate Manager LP now owns 88,032 shares of the software maker’s stock valued at $1,950,000 after acquiring an additional 78,332 shares during the period. Finally, Nykredit A S bought a new stake in Open Text in the second quarter valued at about $179,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Down 1.3%

Shares of NASDAQ:OTEX opened at $25.50 on Friday. Open Text Corporation has a 12 month low of $19.77 and a 12 month high of $39.81. The company’s 50-day moving average price is $23.76 and its two-hundred day moving average price is $23.24. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. The firm has a market cap of $6.17 billion, a P/E ratio of 9.88 and a beta of 1.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the company posted $0.97 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. As a group, research analysts forecast that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were given a dividend of $0.28 per share. The ex-dividend date was Friday, September 4th. This is a positive change from Open Text’s previous quarterly dividend of $0.2750. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.4%. Open Text’s dividend payout ratio (DPR) is currently 43.41%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on OTEX. Scotia dropped their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research report on Friday, August 7th. Zacks Research raised Open Text from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Wall Street Zen upgraded Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, September 5th. Citigroup upped their price target on Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Finally, Scotiabank dropped their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $30.95.

About Open Text

OpenText Corporation (NASDAQ: OTEX) is a Canadian enterprise software company that provides information management solutions for organizations worldwide. Its products help businesses create, capture, manage, secure, exchange and analyze content and data across digital operations.

The company’s portfolio includes enterprise content management, business process management, customer experience management, secure file transfer, cybersecurity, IT operations management, analytics and developer tools.