Open Text (NASDAQ:OTEX) Sets New 1-Year Low – Here’s What Happened

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) hit a new 52-week low on Monday . The stock traded as low as $22.40 and last traded at $22.41, with a volume of 534111 shares. The stock had previously closed at $22.98.

Analyst Ratings Changes

Several research firms have recently issued reports on OTEX. Citigroup cut their price objective on shares of Open Text from $36.00 to $26.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. TD Securities raised shares of Open Text to a “hold” rating in a research report on Monday, February 2nd. Raymond James Financial decreased their price target on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, February 6th. UBS Group set a $26.00 price objective on shares of Open Text in a research note on Friday, February 6th. Finally, Zacks Research lowered shares of Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Three investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $35.75.

Open Text Trading Down 2.4%

The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 13.21 and a beta of 1.08. The company’s fifty day moving average is $26.77 and its two-hundred day moving average is $32.43.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, beating the consensus estimate of $1.04 by $0.09. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.11 EPS. On average, research analysts anticipate that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Friday, March 6th. Open Text’s dividend payout ratio (DPR) is currently 64.71%.

Institutional Trading of Open Text

A number of hedge funds have recently modified their holdings of OTEX. Picton Mahoney Asset Management purchased a new stake in Open Text in the 3rd quarter worth approximately $11,668,000. Cidel Asset Management Inc. lifted its stake in shares of Open Text by 4.5% in the 3rd quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker’s stock valued at $36,389,000 after purchasing an additional 41,867 shares during the period. Arkadios Wealth Advisors boosted its holdings in Open Text by 596.6% during the third quarter. Arkadios Wealth Advisors now owns 83,192 shares of the software maker’s stock worth $3,110,000 after buying an additional 71,249 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Open Text by 456.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock valued at $86,429,000 after buying an additional 1,896,755 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich acquired a new stake in Open Text during the third quarter valued at $10,052,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Company Profile

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.