TD Waterhouse Canada Inc. Sells 102,526 Shares of Open Text Corporation $OTEX

TD Waterhouse Canada Inc. trimmed its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 10.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 924,964 shares of the software maker’s stock after selling 102,526 shares during the quarter. TD Waterhouse Canada Inc. owned about 0.36% of Open Text worth $27,295,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd boosted its position in shares of Open Text by 926.0% during the 1st quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker’s stock valued at $1,276,000 after acquiring an additional 45,126 shares during the last quarter. Korea Investment CORP lifted its position in Open Text by 107.7% during the first quarter. Korea Investment CORP now owns 188,444 shares of the software maker’s stock valued at $4,755,000 after purchasing an additional 97,700 shares during the last quarter. Value Partners Investments Inc. grew its stake in shares of Open Text by 9.8% in the 2nd quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock worth $74,709,000 after buying an additional 228,062 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Open Text by 42.4% in the 1st quarter. Cerity Partners LLC now owns 47,391 shares of the software maker’s stock worth $1,197,000 after buying an additional 14,109 shares during the last quarter. Finally, Atria Investments Inc purchased a new stake in shares of Open Text during the 2nd quarter valued at about $302,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on OTEX. TD Securities cut Open Text from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $35.00 to $40.00 in a research note on Friday, October 3rd. National Bankshares set a $45.00 target price on Open Text and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Jefferies Financial Group raised their price target on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, November 6th. National Bank Financial upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Monday, September 15th. Finally, CIBC increased their target price on shares of Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $39.42.

Open Text Stock Performance

OTEX stock opened at $33.02 on Wednesday. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $39.90. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 20.01 and a beta of 1.14. The business’s fifty day simple moving average is $37.34 and its two-hundred day simple moving average is $32.26. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the business posted $0.93 earnings per share. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. Analysts predict that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, December 5th. Open Text’s payout ratio is currently 57.59%.

Open Text 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.