CLARET ASSET MANAGEMENT Corp reduced its position in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 8.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 11,052 shares of the software maker’s stock after selling 1,023 shares during the period. CLARET ASSET MANAGEMENT Corp’s holdings in Open Text were worth $451,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Beutel Goodman & Co Ltd. grew its stake in shares of Open Text by 0.4% during the second quarter. Beutel Goodman & Co Ltd. now owns 9,922,655 shares of the software maker’s stock worth $409,457,000 after purchasing an additional 39,387 shares during the period. Vanguard Group Inc. grew its stake in shares of Open Text by 2.9% during the second quarter. Vanguard Group Inc. now owns 7,204,153 shares of the software maker’s stock worth $296,811,000 after purchasing an additional 206,010 shares during the period. First Trust Advisors LP grew its stake in shares of Open Text by 10.1% during the first quarter. First Trust Advisors LP now owns 2,734,060 shares of the software maker’s stock worth $105,070,000 after purchasing an additional 251,035 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Open Text by 3.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,577,044 shares of the software maker’s stock worth $106,572,000 after purchasing an additional 77,490 shares during the period. Finally, Man Group plc grew its stake in shares of Open Text by 9.9% during the second quarter. Man Group plc now owns 2,332,011 shares of the software maker’s stock worth $96,397,000 after purchasing an additional 209,429 shares during the period. 64.55% of the stock is owned by institutional investors.
OTEX stock opened at $40.77 on Friday. The business’s 50-day moving average price is $40.26 and its two-hundred day moving average price is $40.20. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.67. The firm has a market cap of $11.01 billion, a PE ratio of 38.46 and a beta of 0.56. Open Text Corp has a 1-year low of $30.99 and a 1-year high of $44.49.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were issued a dividend of $0.175 per share. The ex-dividend date of this dividend was Thursday, August 29th. This is a positive change from Open Text’s previous quarterly dividend of $0.17. This represents a $0.70 annualized dividend and a yield of 1.72%. Open Text’s payout ratio is currently 66.04%.
A number of brokerages recently commented on OTEX. Zacks Investment Research raised Open Text from a “sell” rating to a “hold” rating in a research note on Thursday, October 3rd. Pi Financial began coverage on Open Text in a research note on Thursday. They set a “sell” rating and a $53.00 price objective for the company. TD Securities lifted their price objective on Open Text from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. ValuEngine cut Open Text from a “buy” rating to a “hold” rating in a research note on Friday, September 20th. Finally, Benchmark reaffirmed a “buy” rating and set a $48.00 price objective (up from $42.00) on shares of Open Text in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $47.89.
About Open Text
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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