Addenda Capital Inc. Has $19.32 Million Holdings in Open Text Co. (NASDAQ:OTEX)

Addenda Capital Inc. cut its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 497,428 shares of the software maker’s stock after selling 20,420 shares during the period. Addenda Capital Inc.’s holdings in Open Text were worth $19,315,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Boston Partners boosted its stake in Open Text by 0.5% during the fourth quarter. Boston Partners now owns 60,137 shares of the software maker’s stock worth $2,527,000 after buying an additional 318 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Open Text by 18.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after acquiring an additional 334 shares during the period. Optiver Holding B.V. acquired a new position in Open Text in the fourth quarter worth about $27,000. Bank of Nova Scotia Trust Co. lifted its stake in Open Text by 5.5% during the third quarter. Bank of Nova Scotia Trust Co. now owns 12,222 shares of the software maker’s stock worth $429,000 after purchasing an additional 634 shares during the period. Finally, First Affirmative Financial Network boosted its holdings in Open Text by 9.1% during the fourth quarter. First Affirmative Financial Network now owns 8,044 shares of the software maker’s stock valued at $338,000 after purchasing an additional 674 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Trading Up 0.6 %

OTEX traded up $0.19 during mid-day trading on Friday, reaching $30.04. The stock had a trading volume of 449,877 shares, compared to its average volume of 680,931. The stock has a market capitalization of $8.11 billion, a P/E ratio of 48.45 and a beta of 1.11. Open Text Co. has a 52 week low of $27.54 and a 52 week high of $45.47. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The firm’s fifty day simple moving average is $30.69 and its two-hundred day simple moving average is $36.67.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. Open Text had a return on equity of 24.45% and a net margin of 2.85%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. On average, equities analysts predict that Open Text Co. will post 3.79 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st were paid a $0.435 dividend. The ex-dividend date was Friday, May 31st. This is a boost from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a yield of 5.79%. Open Text’s dividend payout ratio (DPR) is presently 159.68%.

Wall Street Analysts Forecast Growth

OTEX has been the subject of several analyst reports. Jefferies Financial Group cut their target price on Open Text from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. CIBC reduced their target price on shares of Open Text from $38.50 to $36.00 and set a “neutral” rating on the stock in a research note on Friday, June 21st. Citigroup cut their price target on shares of Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday. Raymond James decreased their price objective on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Finally, BMO Capital Markets downgraded Open Text from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $50.00 to $38.00 in a report on Friday, May 3rd. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Open Text presently has an average rating of “Moderate Buy” and a consensus target price of $41.50.

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.