Heathbridge Capital Management Ltd. trimmed its position in shares of Open Text Co. (NASDAQ:OTEX – Free Report) (TSE:OTC) by 6.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 204,200 shares of the software maker’s stock after selling 14,200 shares during the quarter. Open Text accounts for approximately 3.7% of Heathbridge Capital Management Ltd.’s investment portfolio, making the stock its 17th biggest position. Heathbridge Capital Management Ltd. owned 0.08% of Open Text worth $8,498,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in OTEX. Grayhawk Investment Strategies Inc. boosted its holdings in Open Text by 1,955.1% in the first quarter. Grayhawk Investment Strategies Inc. now owns 1,007 shares of the software maker’s stock valued at $52,000 after purchasing an additional 958 shares during the period. Power Corp of Canada purchased a new position in shares of Open Text in the 1st quarter valued at about $43,000. Tower Research Capital LLC TRC purchased a new position in Open Text in the second quarter worth approximately $52,000. State of Wyoming purchased a new position in Open Text in the second quarter worth approximately $58,000. Finally, BNP Paribas Arbitrage SA lifted its stake in Open Text by 1,359.1% in the first quarter. BNP Paribas Arbitrage SA now owns 1,926 shares of the software maker’s stock worth $82,000 after acquiring an additional 1,794 shares during the last quarter. Hedge funds and other institutional investors own 64.53% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on OTEX. Barclays decreased their price objective on shares of Open Text from $44.00 to $40.00 and set an “equal weight” rating for the company in a research report on Thursday, October 12th. StockNews.com downgraded Open Text from a “buy” rating to a “hold” rating in a report on Sunday, October 29th. BMO Capital Markets decreased their price target on Open Text from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, October 17th. CIBC boosted their target price on Open Text from $41.00 to $42.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. Finally, Citigroup decreased their target price on Open Text from $44.00 to $38.00 and set a “neutral” rating for the company in a research note on Monday, October 16th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Open Text presently has a consensus rating of “Hold” and a consensus target price of $42.50.
Open Text Stock Performance
NASDAQ OTEX traded up $0.22 on Friday, reaching $38.74. The stock had a trading volume of 286,135 shares, compared to its average volume of 626,960. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.69 and a current ratio of 0.69. Open Text Co. has a 12-month low of $27.51 and a 12-month high of $43.25. The business’s 50-day moving average price is $35.61 and its 200 day moving average price is $38.76. The stock has a market cap of $10.52 billion, a P/E ratio of 30.03 and a beta of 1.05.
Open Text Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Friday, December 1st will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.00 annualized dividend and a yield of 2.58%. Open Text’s dividend payout ratio (DPR) is 77.52%.
Open Text Profile
Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.
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