Open Text Co. (NASDAQ:OTEX) Stake Cut by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. cut its position in shares of Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) by 62.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 32,058 shares of the software maker’s stock after selling 52,864 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Open Text were worth $848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in OTEX. Northwestern Mutual Wealth Management Co. bought a new stake in Open Text in the second quarter valued at $25,000. Prospera Financial Services Inc lifted its stake in Open Text by 148.3% in the second quarter. Prospera Financial Services Inc now owns 745 shares of the software maker’s stock valued at $28,000 after buying an additional 445 shares during the last quarter. Power Corp of Canada bought a new stake in Open Text in the first quarter valued at $43,000. Grayhawk Investment Strategies Inc. bought a new stake in Open Text in the second quarter valued at $49,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Open Text by 1,015.9% in the second quarter. EverSource Wealth Advisors LLC now owns 1,540 shares of the software maker’s stock valued at $58,000 after buying an additional 1,402 shares during the last quarter. 63.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OTEX has been the topic of a number of research analyst reports. BMO Capital Markets lowered their price target on Open Text from $43.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, November 4th. TD Securities lowered their price target on Open Text from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, November 4th. Citigroup lowered their price target on Open Text from $34.00 to $30.00 in a report on Friday, November 4th. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 10th. Finally, Raymond James lowered their price target on Open Text from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, November 4th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.00.

Open Text Price Performance

NASDAQ:OTEX opened at $33.07 on Monday. The business’s 50-day moving average price is $29.77 and its 200 day moving average price is $31.64. The firm has a market cap of $8.94 billion, a P/E ratio of 60.13 and a beta of 0.98. Open Text Co. has a 52-week low of $24.91 and a 52-week high of $48.46. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last issued its quarterly earnings results on Thursday, November 3rd. The software maker reported $0.70 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.70. The firm had revenue of $852.04 million for the quarter, compared to analysts’ expectations of $841.00 million. Open Text had a return on equity of 19.65% and a net margin of 4.22%. As a group, sell-side analysts predict that Open Text Co. will post 2.9 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 22nd. Investors of record on Friday, December 2nd were paid a $0.243 dividend. The ex-dividend date was Thursday, December 1st. This represents a $0.97 dividend on an annualized basis and a yield of 2.94%. This is a boost from Open Text’s previous quarterly dividend of $0.24. Open Text’s dividend payout ratio (DPR) is currently 178.19%.

Open Text Profile

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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.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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