Open Text Co. (NASDAQ:OTEX) Stock Position Trimmed by CIBC Asset Management Inc

CIBC Asset Management Inc decreased its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,015,590 shares of the software maker’s stock after selling 5,381 shares during the period. CIBC Asset Management Inc owned approximately 0.39% of Open Text worth $28,747,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Creative Planning increased its position in Open Text by 23.7% in the 3rd quarter. Creative Planning now owns 30,102 shares of the software maker’s stock valued at $1,002,000 after acquiring an additional 5,760 shares during the period. Net Worth Advisory Group acquired a new position in shares of Open Text during the third quarter valued at $226,000. Blue Trust Inc. raised its stake in shares of Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after purchasing an additional 793 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Open Text by 28,811.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 127,210 shares of the software maker’s stock worth $4,239,000 after purchasing an additional 126,770 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Open Text in the 3rd quarter valued at about $465,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OTEX. Citigroup boosted their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. TD Securities decreased their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Sunday, February 9th. UBS Group started coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. BMO Capital Markets decreased their target price 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. Finally, Scotiabank dropped their price target on shares of 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. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Open Text has an average rating of “Hold” and a consensus target price of $35.18.

Open Text Stock Down 1.1 %

Shares of NASDAQ:OTEX opened at $28.41 on Tuesday. Open Text Co. has a 52 week low of $26.84 and a 52 week high of $40.69. 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 cap of $7.49 billion, a PE ratio of 11.55 and a beta of 1.12. The firm has a 50 day simple moving average of $28.57 and a 200 day simple moving average of $30.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.33% and a net margin of 12.21%. As a group, research analysts expect that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.70%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s dividend payout ratio is 42.68%.

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.