Addenda Capital Inc. Has $6.36 Million Stake in Open Text Co. (NASDAQ:OTEX)

Addenda Capital Inc. trimmed its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 32.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 224,504 shares of the software maker’s stock after selling 107,544 shares during the period. Addenda Capital Inc.’s holdings in Open Text were worth $6,358,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of OTEX. AustralianSuper Pty Ltd acquired a new stake in shares of Open Text in the third quarter valued at $8,011,000. The Manufacturers Life Insurance Company boosted its holdings 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 worth $187,952,000 after buying an additional 63,620 shares during the last quarter. Natixis Advisors LLC bought a new position in Open Text during the third quarter worth about $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Open Text by 126.1% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock worth $2,871,000 after buying an additional 48,111 shares during the last quarter. Finally, Stifel Financial Corp bought a new position in Open Text during the third quarter worth about $2,232,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays cut their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. StockNews.com raised Open Text from a “buy” rating to a “strong-buy” rating in a research report on Sunday. TD Securities reduced their target price on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, December 30th. UBS Group began coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. Finally, BMO Capital Markets reduced their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $35.27.

Open Text Trading Down 1.2 %

Shares of OTEX stock opened at $27.78 on Tuesday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $7.33 billion, a price-to-earnings ratio of 16.06 and a beta of 1.12. Open Text Co. has a 52-week low of $26.84 and a 52-week high of $45.47. The company has a 50-day simple moving average of $28.99 and a two-hundred day simple moving average of $30.82.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. Open Text’s revenue was down 11.0% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. 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 disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 29th were paid a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date was Friday, November 29th. This is an increase from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio is 60.69%.

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.