Cidel Asset Management Inc. Trims Holdings in Open Text Corporation $OTEX

Cidel Asset Management Inc. lowered its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 97.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 16,812 shares of the software maker’s stock after selling 540,199 shares during the quarter. Cidel Asset Management Inc.’s holdings in Open Text were worth $374,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC acquired a new stake in shares of Open Text in the 3rd quarter worth $33,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Open Text by 5,096.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after acquiring an additional 1,580 shares during the last quarter. WealthCollab LLC grew its holdings in shares of Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after purchasing an additional 464 shares during the period. Osaic Holdings Inc. grew its holdings in shares of Open Text by 108.8% in the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after purchasing an additional 937 shares during the period. Finally, Barclays PLC increased its position in Open Text by 55.5% during the fourth quarter. Barclays PLC now owns 1,854 shares of the software maker’s stock worth $60,000 after purchasing an additional 662 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Stock Up 0.8%

Shares of NASDAQ:OTEX opened at $21.37 on Friday. The company has a market capitalization of $5.19 billion, a price-to-earnings ratio of 10.42 and a beta of 1.05. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90. The business has a 50-day moving average price of $22.81 and a 200 day moving average price of $25.58. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. Open Text’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.82 earnings per share. Sell-side analysts expect that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend was Friday, June 5th. Open Text’s payout ratio is 53.66%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wall Street Zen raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Scotiabank dropped their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. Raymond James Financial cut their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Citigroup reduced their price target on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Finally, Barclays upped their price objective on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $33.67.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.