Open Text (NASDAQ:OTEX) Sets New 1-Year Low – Here’s What Happened

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) hit a new 52-week low during trading on Monday . The company traded as low as $22.40 and last traded at $22.41, with a volume of 534111 shares changing hands. The stock had previously closed at $22.98.

Analyst Ratings Changes

A number of research analysts recently commented on OTEX shares. TD Securities raised Open Text to a “hold” rating in a research note on Monday, February 2nd. Zacks Research downgraded Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. UBS Group set a $26.00 target price on shares of Open Text in a research report on Friday, February 6th. Royal Bank Of Canada reduced their price target on Open Text from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Friday, February 6th. Finally, Citigroup decreased their price objective on shares of Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Three analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $35.75.

Open Text Stock Down 0.4%

The business’s 50-day moving average is $26.39 and its two-hundred day moving average is $32.28. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of 13.52 and a beta of 1.08. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.09. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 23.60% and a net margin of 8.42%.During the same period in the previous year, the firm earned $1.11 EPS. Open Text’s quarterly revenue was down .6% compared to the same quarter last year. On average, equities analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, March 6th. Open Text’s dividend payout ratio is presently 64.71%.

Institutional Investors Weigh In On Open Text

Large investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC bought a new stake in Open Text in the 3rd quarter valued at about $33,000. Sagard Holdings Management Inc. acquired a new stake in Open Text during the second quarter worth approximately $30,000. MAI Capital Management grew its position in Open Text by 58.7% during the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after buying an additional 590 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Open Text by 5,096.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after acquiring an additional 1,580 shares during the period. Finally, WealthCollab LLC raised its holdings in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.