National Bank of Canada FI Cuts Stock Position in Open Text Co. (NASDAQ:OTEX)

National Bank of Canada FI reduced its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,810,528 shares of the software maker’s stock after selling 10,228 shares during the period. National Bank of Canada FI owned 1.40% of Open Text worth $154,694,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of Open Text during the 3rd quarter valued at approximately $49,856,000. Legal & General Group Plc boosted its stake in shares of Open Text by 48.4% during the 3rd quarter. Legal & General Group Plc now owns 1,606,093 shares of the software maker’s stock worth $56,627,000 after acquiring an additional 524,009 shares in the last quarter. Value Partners Investments Inc. grew its position in shares of Open Text by 16.3% during the 4th quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after acquiring an additional 286,766 shares during the period. Intact Investment Management Inc. increased its stake in shares of Open Text by 22.4% in the 3rd quarter. Intact Investment Management Inc. now owns 1,314,880 shares of the software maker’s stock valued at $46,146,000 after purchasing an additional 240,550 shares in the last quarter. Finally, Cooke & Bieler LP raised its holdings in Open Text by 4.2% in the 4th quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock worth $200,345,000 after purchasing an additional 191,292 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Down 14.7 %

NASDAQ:OTEX traded down $5.22 during mid-day trading on Friday, hitting $30.25. The stock had a trading volume of 3,706,318 shares, compared to its average volume of 728,893. Open Text Co. has a twelve month low of $28.19 and a twelve month high of $45.47. The stock has a 50-day simple moving average of $37.32 and a two-hundred day simple moving average of $38.70. 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 market capitalization of $8.25 billion, a PE ratio of 48.79 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.01. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a net margin of 2.85% and a return on equity of 24.61%. On average, equities research analysts anticipate that Open Text Co. will post 4.14 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be given a dividend of $0.435 per share. This is a boost from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a dividend yield of 5.75%. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s dividend payout ratio is currently 161.29%.

Analysts Set New Price Targets

Several equities analysts have issued reports on OTEX shares. National Bankshares decreased their price objective on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday. Barclays lowered their price objective on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a report on Friday. Citigroup reduced their target price on Open Text from $42.00 to $37.00 and set a “neutral” rating for the company in a report on Friday. CIBC lowered their price target on Open Text from $44.00 to $38.50 and set a “neutral” rating on the stock in a research note on Friday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $53.00 price objective on shares of Open Text in a research note on Friday, February 2nd. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Open Text currently has a consensus rating of “Hold” and a consensus price target of $42.25.

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.