Open Text Co. (NASDAQ:OTEX) Short Interest Down 16.9% in June

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) was the recipient of a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 4,120,000 shares, a decrease of 16.9% from the May 31st total of 4,960,000 shares. Approximately 1.5% of the shares of the stock are short sold. Based on an average trading volume of 760,100 shares, the days-to-cover ratio is currently 5.4 days.

Analysts Set New Price Targets

A number of brokerages have commented on OTEX. Citigroup decreased their price objective on Open Text from $37.00 to $32.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Scotiabank reiterated a “sector perform” rating on shares of Open Text in a report on Friday, May 3rd. CIBC dropped their price objective on Open Text from $38.50 to $36.00 and set a “neutral” rating for the company in a report on Friday, June 21st. Jefferies Financial Group cut their target price on shares of Open Text from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Finally, BMO Capital Markets cut shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $50.00 to $38.00 in a research report on Friday, May 3rd. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.50.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Boston Partners increased its position in shares of Open Text by 0.5% during the fourth quarter. Boston Partners now owns 60,137 shares of the software maker’s stock worth $2,527,000 after acquiring an additional 318 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock worth $92,000 after purchasing an additional 334 shares in the last quarter. Chase Investment Counsel Corp raised its stake in shares of Open Text by 6.9% in the 1st quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after purchasing an additional 528 shares during the period. Optiver Holding B.V. bought a new stake in shares of Open Text in the fourth quarter valued at about $27,000. Finally, First Affirmative Financial Network boosted its position in shares of Open Text by 9.1% during the fourth quarter. First Affirmative Financial Network now owns 8,044 shares of the software maker’s stock worth $338,000 after buying an additional 674 shares during the period. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Up 0.9 %

Shares of NASDAQ:OTEX traded up $0.27 during mid-day trading on Tuesday, reaching $30.35. The stock had a trading volume of 154,455 shares, compared to its average volume of 673,969. The firm has a 50 day simple moving average of $30.58 and a two-hundred day simple moving average of $36.53. Open Text has a twelve month low of $27.54 and a twelve month high of $45.47. The firm has a market cap of $8.19 billion, a PE ratio of 48.52 and a beta of 1.12. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. On average, research analysts predict that Open Text will post 3.79 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Friday, May 31st were given a $0.435 dividend. The ex-dividend date was Friday, May 31st. This is a positive change from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a dividend yield of 5.73%. Open Text’s payout ratio is currently 159.68%.

Open Text Company 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.