Open Text (NASDAQ:OTEX) Sees Unusually-High Trading Volume

Posted by MarketBeat News on Aug 4th, 2022

Open Text logo Open Text Co. (NASDAQ:OTEX – Get Rating) (TSE:OTC) saw strong trading volume on Tuesday . 18,507 shares changed hands during trading, a decline of 96% from the previous session’s volume of 492,303 shares.The stock last traded at $40.81 and had previously closed at $40.80.

Analyst Ratings Changes

OTEX has been the topic of several recent research reports. National Bankshares restated a “buy” rating and issued a $60.00 price objective on shares of Open Text in a research report on Friday, June 17th. Royal Bank of Canada lowered their price target on shares of Open Text from $62.00 to $52.00 and set an “outperform” rating for the company in a report on Thursday, May 5th. Raymond James set a $60.00 target price on shares of Open Text and gave the stock an “outperform” rating in a research report on Thursday, May 5th. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 26th. Finally, TheStreet cut Open Text from a “b-” rating to a “c” rating in a report on Tuesday, May 31st. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.17.

Open Text Trading Up 2.0 %

The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a market capitalization of $11.08 billion, a price-to-earnings ratio of 23.63 and a beta of 0.92. The business has a fifty day moving average price of $39.17 and a 200 day moving average price of $41.28.

Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) last released its quarterly earnings data on Wednesday, May 4th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.01. Open Text had a return on equity of 20.16% and a net margin of 13.66%. The company had revenue of $882.30 million for the quarter, compared to the consensus estimate of $883.76 million. During the same period last year, the business posted $0.70 EPS. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. As a group, equities analysts forecast that Open Text Co. will post 3.04 earnings per share for the current year.

Open Text Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 3rd were paid a dividend of $0.2209 per share. The ex-dividend date of this dividend was Thursday, June 2nd. This represents a $0.88 annualized dividend and a yield of 2.15%. Open Text’s dividend payout ratio is currently 50.57%.

Institutional Trading of Open Text

Several large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its position in shares of Open Text by 4.4% in the first quarter. Mackenzie Financial Corp now owns 10,598,062 shares of the software maker’s stock worth $450,091,000 after buying an additional 448,084 shares during the period. Harris Associates L P boosted its holdings in Open Text by 23.5% in the 1st quarter. Harris Associates L P now owns 10,109,221 shares of the software maker’s stock worth $428,536,000 after acquiring an additional 1,921,206 shares during the period. Vanguard Group Inc. grew its position in Open Text by 3.0% in the first quarter. Vanguard Group Inc. now owns 9,079,999 shares of the software maker’s stock valued at $384,993,000 after acquiring an additional 262,200 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Open Text by 14.2% during the first quarter. American Century Companies Inc. now owns 6,113,599 shares of the software maker’s stock valued at $259,218,000 after purchasing an additional 760,505 shares during the period. Finally, Fiera Capital Corp lifted its position in shares of Open Text by 5.2% during the fourth quarter. Fiera Capital Corp now owns 4,947,232 shares of the software maker’s stock worth $234,826,000 after purchasing an additional 244,883 shares in the last quarter. 70.43% of the stock is currently owned by institutional investors and hedge funds.

Open Text Company Profile

(Get Rating)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.