Addenda Capital Inc. Sells 107,544 Shares of Open Text Co. (NASDAQ:OTEX)

Addenda Capital Inc. lowered its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 32.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,504 shares of the software maker’s stock after selling 107,544 shares during the quarter. Addenda Capital Inc. owned about 0.08% of Open Text worth $6,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its holdings in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after acquiring an additional 793 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in Open Text during the second quarter valued at $36,000. Cromwell Holdings LLC grew its position in shares of Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares during the period. Essex LLC acquired a new stake in shares of Open Text in the third quarter valued at about $210,000. Finally, Net Worth Advisory Group purchased a new position in shares of Open Text in the third quarter worth about $226,000. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Barclays reduced their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $45.00 to $33.00 in a report on Friday, November 1st. StockNews.com upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Sunday. UBS Group started coverage on shares of Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target for the company. Finally, Scotiabank reduced their price objective on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus price target of $35.27.

Open Text Price Performance

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

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. The firm had revenue of $1.27 billion for 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%. The business’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 EPS. As a group, analysts expect that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were issued a $0.262 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.77%. Open Text’s dividend payout ratio is currently 60.69%.

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.