TD Waterhouse Canada Inc. Lowers Position in Open Text Corporation $OTEX

TD Waterhouse Canada Inc. trimmed its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 10.0% during the 2nd quarter, Holdings Channel reports. The fund owned 924,964 shares of the software maker’s stock after selling 102,526 shares during the period. TD Waterhouse Canada Inc.’s holdings in Open Text were worth $27,295,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of OTEX. Envestnet Asset Management Inc. boosted its stake in shares of Open Text by 24.5% during the first quarter. Envestnet Asset Management Inc. now owns 91,358 shares of the software maker’s stock valued at $2,308,000 after purchasing an additional 17,982 shares in the last quarter. Cerity Partners LLC lifted its holdings in Open Text by 42.4% during the first quarter. Cerity Partners LLC now owns 47,391 shares of the software maker’s stock worth $1,197,000 after buying an additional 14,109 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Open Text by 34.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 17,199 shares of the software maker’s stock valued at $434,000 after acquiring an additional 4,362 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of Open Text by 18.2% in the 1st quarter. TD Asset Management Inc now owns 1,791,463 shares of the software maker’s stock valued at $45,208,000 after acquiring an additional 275,757 shares during the period. Finally, Ridgewood Investments LLC raised its position in shares of Open Text by 593.1% in the 1st quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock worth $219,000 after acquiring an additional 7,414 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Shares of OTEX opened at $33.02 on Wednesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The company’s fifty day moving average price is $37.34 and its 200-day moving average price is $32.26. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $39.90. The firm has a market capitalization of $8.32 billion, a PE ratio of 20.01 and a beta of 1.14.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.05. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 EPS. On average, equities research analysts predict that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.3%. The ex-dividend date is Friday, December 5th. Open Text’s dividend payout ratio is 57.59%.

Analysts Set New Price Targets

OTEX has been the topic of several analyst reports. Barclays lifted their target price on Open Text from $33.00 to $39.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 21st. Jefferies Financial Group lifted their price objective on shares of Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research report on Thursday, November 6th. National Bank Financial raised shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Open Text in a research report on Thursday, November 13th. Finally, CIBC raised their price objective on Open Text from $34.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Open Text has an average rating of “Hold” and a consensus target price of $39.42.

About Open Text

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.