Open Text Corporation (NASDAQ:OTEX – Get Free Report) (TSE:OTC)’s stock price was up 4.5% during mid-day trading on Tuesday. The stock traded as high as $25.14 and last traded at $25.2680. 134,066 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 1,966,871 shares. The stock had previously closed at $24.18.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on OTEX. Zacks Research raised Open Text from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Scotiabank lowered their target price on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings raised Open Text from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday. Scotia cut 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 report on Friday, August 7th. Finally, Raymond James Financial lowered shares of Open Text from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $35.00 to $29.50 in a research report on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Open Text presently has an average rating of “Hold” and a consensus target price of $30.95.
View Our Latest Stock Analysis on OTEX
Open Text Price Performance
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 EPS 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 for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the company earned $0.97 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities analysts anticipate that Open Text Corporation will post 3.72 EPS for the current year.
Open Text Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.12 annualized dividend and a yield of 4.5%. This is an increase from Open Text’s previous quarterly dividend of $0.2750. Open Text’s dividend payout ratio is presently 43.41%.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company acquired a new stake in shares of Open Text during the 2nd quarter worth about $266,599,000. Royal Bank of Canada lifted its position in Open Text by 10.9% during the first quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after buying an additional 965,385 shares during the period. Dimensional Fund Advisors LP boosted its stake in Open Text by 24.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,142,610 shares of the software maker’s stock worth $92,120,000 after buying an additional 802,276 shares during the last quarter. Cibc World Market Inc. acquired a new position in shares of Open Text during the 2nd quarter valued at about $70,939,000. Finally, Value Partners Investments Inc. lifted its holdings in shares of Open Text by 30.0% during the 1st quarter. Value Partners Investments Inc. now owns 2,413,989 shares of the software maker’s stock worth $53,687,000 after acquiring an additional 556,534 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.
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.
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