Great West Life Assurance Co. Can Sells 4,340 Shares of Open Text Co. (NASDAQ:OTEX)

Great West Life Assurance Co. Can lessened its stake in shares of Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) by 2.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,969 shares of the software maker’s stock after selling 4,340 shares during the quarter. Great West Life Assurance Co. Can’s holdings in Open Text were worth $3,793,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Cigna Investments Inc. New lifted its position in shares of Open Text by 7.3% during the 2nd quarter. Cigna Investments Inc. New now owns 5,370 shares of the software maker’s stock worth $203,000 after buying an additional 367 shares during the period. Brinker Capital Investments LLC raised its position in Open Text by 3.3% in the 2nd quarter. Brinker Capital Investments LLC now owns 12,865 shares of the software maker’s stock valued at $487,000 after purchasing an additional 412 shares during the last quarter. Parallel Advisors LLC raised its position in Open Text by 22.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,432 shares of the software maker’s stock valued at $92,000 after purchasing an additional 444 shares during the last quarter. Prospera Financial Services Inc raised its position in Open Text by 148.3% in the 2nd quarter. Prospera Financial Services Inc now owns 745 shares of the software maker’s stock valued at $28,000 after purchasing an additional 445 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Open Text by 11.7% in the 3rd quarter. Van ECK Associates Corp now owns 5,660 shares of the software maker’s stock valued at $149,000 after purchasing an additional 595 shares during the last quarter. Institutional investors own 63.93% of the company’s stock.

Open Text Stock Up 2.5 %

NASDAQ OTEX opened at $33.90 on Tuesday. The stock has a fifty day moving average of $29.87 and a 200-day moving average of $31.60. The stock has a market capitalization of $9.16 billion, a P/E ratio of 61.64 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 debt-to-equity ratio of 1.09, a quick ratio of 1.42 and a current ratio of 1.42.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last announced its quarterly earnings data on Thursday, November 3rd. The software maker reported $0.70 EPS for the quarter, hitting analysts’ consensus estimates of $0.70. Open Text had a return on equity of 19.65% and a net margin of 4.22%. The business had revenue of $852.04 million during the quarter, compared to analysts’ expectations of $841.00 million. On average, equities research analysts forecast that Open Text Co. will post 2.9 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 22nd. Investors of record on Friday, December 2nd were paid a dividend of $0.243 per share. The ex-dividend date was Thursday, December 1st. This is a boost from Open Text’s previous quarterly dividend of $0.24. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.87%. Open Text’s payout ratio is 178.19%.

Analyst Upgrades and Downgrades

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

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.

See Also

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

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