Toronto Dominion Bank raised its stake in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 64.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,182,808 shares of the software maker’s stock after acquiring an additional 462,224 shares during the period. Toronto Dominion Bank owned approximately 0.44% of Open Text worth $50,704,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in OTEX. Capital Analysts LLC acquired a new stake in Open Text in the 2nd quarter valued at approximately $28,000. Sowell Financial Services LLC purchased a new position in shares of Open Text in the first quarter valued at approximately $49,000. Bartlett & Co. LLC acquired a new position in shares of Open Text in the first quarter valued at approximately $68,000. Parallel Advisors LLC increased its stake in Open Text by 26.2% during the 2nd quarter. Parallel Advisors LLC now owns 1,936 shares of the software maker’s stock worth $82,000 after buying an additional 402 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Open Text by 21.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,790 shares of the software maker’s stock worth $98,000 after buying an additional 484 shares in the last quarter. 63.80% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ OTEX traded down $0.58 on Wednesday, reaching $42.13. The stock had a trading volume of 26,065 shares, compared to its average volume of 580,676. The stock has a market cap of $11.61 billion, a P/E ratio of 48.47 and a beta of 0.71. Open Text Corp has a 12-month low of $29.11 and a 12-month high of $47.85. The business’s 50-day moving average price is $44.44 and its 200 day moving average price is $40.83. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.25 and a current ratio of 1.25.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 6th. The software maker reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.19. Open Text had a net margin of 7.53% and a return on equity of 10.54%. The business had revenue of $826.60 million for the quarter, compared to analysts’ expectations of $809.36 million. During the same period in the previous year, the company posted $0.74 EPS. The company’s quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts predict that Open Text Corp will post 2.91 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a $0.175 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.66%. This is a positive change from Open Text’s previous quarterly dividend of $0.17. Open Text’s payout ratio is presently 25.00%.
Several brokerages have recently issued reports on OTEX. TD Securities lifted their price objective on Open Text from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Raymond James lifted their price target on shares of Open Text from $45.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. BidaskClub lowered shares of Open Text from a “buy” rating to a “hold” rating in a report on Tuesday, August 11th. Citigroup increased their target price on Open Text from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Finally, Beacon Securities downgraded Open Text from a “buy” rating to a “hold” rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. Open Text presently has an average rating of “Hold” and an average target price of $51.00.
Open Text Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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