Open Text Corporation $OTEX Shares Sold by Plato Investment Management Ltd

Plato Investment Management Ltd lessened its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 94.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 2,845 shares of the software maker’s stock after selling 47,154 shares during the period. Plato Investment Management Ltd’s holdings in Open Text were worth $83,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Open Text by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker’s stock worth $281,447,000 after purchasing an additional 639,514 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Open Text by 9.2% during the first quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker’s stock worth $148,299,000 after buying an additional 492,897 shares during the period. Letko Brosseau & Associates Inc. lifted its stake in shares of Open Text by 11.8% during the first quarter. Letko Brosseau & Associates Inc. now owns 4,860,805 shares of the software maker’s stock worth $122,664,000 after buying an additional 512,050 shares during the period. Value Partners Investments Inc. lifted its stake in shares of Open Text by 9.8% during the second quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock worth $74,709,000 after buying an additional 228,062 shares during the period. Finally, 1832 Asset Management L.P. lifted its stake in shares of Open Text by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 2,365,600 shares of the software maker’s stock worth $59,755,000 after buying an additional 6,921 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Performance

Shares of OTEX stock opened at $38.17 on Tuesday. The stock has a market cap of $9.62 billion, a PE ratio of 23.13 and a beta of 1.17. The business has a 50-day simple moving average of $36.95 and a 200-day simple moving average of $31.59. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the company posted $0.98 earnings per share. Open Text’s revenue for the quarter was down 3.8% on a year-over-year basis. On average, equities analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were paid a $0.275 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio (DPR) is presently 66.67%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. National Bank Financial raised Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Open Text in a report on Wednesday, October 8th. Scotiabank raised Open Text from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $35.00 to $50.00 in a report on Wednesday, September 24th. CIBC lifted their target price on Open Text from $34.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. Finally, TD Securities cut shares of Open Text from a “buy” rating to a “hold” rating and lifted their price objective for the company from $35.00 to $40.00 in a research note on Friday, October 3rd. Three analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Open Text presently has an average rating of “Hold” and a consensus price target of $38.42.

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.