By otakuyassine3@gmail.com 
Open Text Co. (NASDAQ:OTEX – Get Free Report) (TSE:OTC) shares hit a new 52-week low on Wednesday . The company traded as low as $27.20 and last traded at $27.42, with a volume of 725339 shares changing hands. The stock had previously closed at $28.63.
Analyst Ratings Changes
Several brokerages recently weighed in on OTEX. UBS Group initiated coverage on shares of Open Text in a research report on Tuesday. They set a “neutral” rating and a $32.00 price target for the company. Scotiabank lowered their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Citigroup reduced their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Barclays lowered their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Finally, Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.55.
View Our Latest Research Report on Open Text
Open Text Price Performance
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 capitalization of $7.34 billion, a price-to-earnings ratio of 15.95 and a beta of 1.11. The company’s 50 day moving average is $30.76 and its 200 day moving average is $30.97.
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. Research analysts anticipate that Open Text Co. will post 3.37 EPS for the current fiscal year.
Open Text Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a dividend of $0.262 per share. This is a boost from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.05 annualized dividend and a yield of 3.80%. Open Text’s payout ratio is presently 60.69%.
Institutional Trading of Open Text
Hedge funds and other institutional investors have recently made changes to their positions in the stock. JARISLOWSKY FRASER Ltd lifted its holdings in shares of Open Text by 5.1% in the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock valued at $471,415,000 after purchasing an additional 767,822 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Open Text by 1.1% during the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after buying an additional 63,620 shares in the last quarter. Cooke & Bieler LP raised its position in Open Text by 18.6% in the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock valued at $166,325,000 after purchasing an additional 867,978 shares during the period. National Bank of Canada FI boosted its position in shares of Open Text by 1.1% in the third quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock worth $135,399,000 after buying an additional 46,223 shares during the period. Finally, Letko Brosseau & Associates Inc. grew its stake in shares of Open Text by 16.8% in the second quarter. Letko Brosseau & Associates Inc. now owns 3,929,040 shares of the software maker’s stock valued at $117,956,000 after buying an additional 566,150 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.
About Open Text
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.
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