CANADA LIFE ASSURANCE Co Sells 41,813 Shares of Open Text Co. (NASDAQ:OTEX)

CANADA LIFE ASSURANCE Co lessened its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 19.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 170,164 shares of the software maker’s stock after selling 41,813 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Open Text were worth $6,601,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Optiver Holding B.V. bought a new position in shares of Open Text during the 4th quarter valued at approximately $27,000. Headlands Technologies LLC purchased a new stake in shares of Open Text in the first quarter worth $32,000. Assetmark Inc. bought a new stake in shares of Open Text during the 4th quarter valued at $48,000. EverSource Wealth Advisors LLC lifted its stake in shares of Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after buying an additional 334 shares in the last quarter. Finally, UniSuper Management Pty Ltd boosted its holdings in Open Text by 105.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock worth $151,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

OTEX has been the topic of a number of recent analyst reports. Raymond James decreased their price target on Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Scotiabank reissued a “sector perform” rating on shares of Open Text in a report on Friday, May 3rd. TD Securities cut their price objective on shares of Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Citigroup lowered their target price on shares of Open Text from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Finally, StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, May 11th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Open Text has an average rating of “Moderate Buy” and a consensus target price of $41.20.

Open Text Trading Up 1.1 %

Shares of OTEX opened at $31.50 on Friday. Open Text Co. has a fifty-two week low of $27.54 and a fifty-two 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 company’s fifty day moving average is $30.02 and its 200 day moving average is $35.24. The stock has a market capitalization of $8.50 billion, a PE ratio of 50.81 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. Sell-side analysts expect that Open Text Co. will post 3.79 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, May 31st. Open Text’s payout ratio is 161.29%.

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.