Open Text Co. (NASDAQ:OTEX) Stock Position Lessened by CDAM UK Ltd

CDAM UK Ltd reduced its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 4.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,212,637 shares of the software maker’s stock after selling 107,480 shares during the period. Open Text comprises 10.9% of CDAM UK Ltd’s investment portfolio, making the stock its 3rd largest holding. CDAM UK Ltd owned approximately 0.83% of Open Text worth $73,637,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Ridgewood Investments LLC acquired a new stake in shares of Open Text in the 2nd quarter valued at $30,000. Blue Trust Inc. lifted its holdings in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after buying an additional 793 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Open Text during the 2nd quarter worth about $36,000. Cromwell Holdings LLC boosted its position in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after acquiring an additional 380 shares in the last quarter. Finally, UniSuper Management Pty Ltd increased its holdings in shares of Open Text by 105.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock valued at $151,000 after acquiring an additional 2,000 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTEX has been the topic of a number of research analyst reports. TD Securities cut their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Citigroup cut their price objective on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research note on Friday, August 2nd. Jefferies Financial Group dropped their price objective on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Scotiabank cut their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Open Text currently has an average rating of “Hold” and an average target price of $35.90.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $29.45 on Monday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of 17.02 and a beta of 1.13. The company’s 50-day moving average price is $31.89 and its 200 day moving average price is $31.02. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the company posted $0.90 EPS. The company’s revenue was down 11.0% on a year-over-year basis. As a group, research analysts forecast that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be given a $0.262 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio is currently 60.69%.

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.