CIBC Asset Management Inc Has $34.07 Million Stake in Open Text Co. (NASDAQ:OTEX)

CIBC Asset Management Inc cut its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,020,971 shares of the software maker’s stock after selling 1,416 shares during the quarter. CIBC Asset Management Inc owned approximately 0.38% of Open Text worth $34,067,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in OTEX. Ridgewood Investments LLC acquired a new position in shares of Open Text in the second quarter worth approximately $30,000. Headlands Technologies LLC acquired a new position in shares of Open Text in the 1st quarter worth approximately $32,000. Blue Trust Inc. boosted its stake in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after purchasing an additional 793 shares during the last quarter. Kimelman & Baird LLC bought a new stake in shares of Open Text in the 2nd quarter valued at $36,000. Finally, Cromwell Holdings LLC raised its stake in Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Down 0.4 %

Open Text stock opened at $28.83 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm’s fifty day moving average price is $32.26 and its two-hundred day moving average price is $31.21. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 16.66 and a beta of 1.13. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the business earned $0.90 EPS. The company’s quarterly revenue was down 11.0% on a year-over-year basis. On average, equities research analysts predict that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be given a $0.262 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio is presently 60.69%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. BMO Capital Markets cut their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a research report on Friday, August 2nd. National Bank Financial downgraded Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Barclays cut their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Finally, Citigroup lowered their price objective on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.90.

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.