Vontobel Holding Ltd. Sells 19,015 Shares of Open Text Corporation $OTEX

Vontobel Holding Ltd. decreased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 29.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,435 shares of the software maker’s stock after selling 19,015 shares during the period. Vontobel Holding Ltd.’s holdings in Open Text were worth $1,358,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of OTEX. Cromwell Holdings LLC boosted its stake in Open Text by 27.4% in the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after purchasing an additional 352 shares in the last quarter. Headlands Technologies LLC lifted its stake in Open Text by 360.6% during the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock valued at $73,000 after acquiring an additional 2,261 shares during the period. United Services Automobile Association bought a new position in Open Text during the 1st quarter valued at about $213,000. Ridgewood Investments LLC lifted its stake in Open Text by 593.1% during the 1st quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker’s stock valued at $219,000 after acquiring an additional 7,414 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Open Text during the 2nd quarter valued at about $261,000. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 1.9%

Open Text stock opened at $38.60 on Monday. The stock has a market cap of $9.76 billion, a P/E ratio of 23.39 and a beta of 1.17. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $39.84. The firm’s 50 day moving average price is $34.31 and its 200-day moving average price is $29.97.

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

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Open Text’s payout ratio is 66.67%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Scotiabank upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $35.00 to $50.00 in a research note on Wednesday, September 24th. Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. National Bank Financial upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Monday, September 15th. Jefferies Financial Group cut shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 target price on the stock. in a research note on Tuesday, August 12th. Finally, CIBC reaffirmed a “neutral” rating on shares of Open Text in a research report on Monday, August 11th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $37.25.

Open Text 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.