Open Text Corporation $OTEX Stock Sold by New South Capital Management Inc.

New South Capital Management Inc. decreased its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 24.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,526,356 shares of the software maker’s stock after selling 501,668 shares during the period. Open Text accounts for about 2.3% of New South Capital Management Inc.’s holdings, making the stock its 14th biggest holding. New South Capital Management Inc. owned 0.63% of Open Text worth $34,221,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company acquired a new stake in shares of Open Text during the 2nd quarter worth approximately $266,599,000. Royal Bank of Canada boosted its holdings in Open Text by 10.9% during the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after acquiring an additional 965,385 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Open Text by 24.0% during the first quarter. Dimensional Fund Advisors LP now owns 4,142,610 shares of the software maker’s stock worth $92,120,000 after purchasing an additional 802,276 shares during the last quarter. Cibc World Market Inc. purchased a new stake in shares of Open Text during the second quarter valued at approximately $70,939,000. Finally, Amundi raised its stake in shares of Open Text by 154.9% during the 2nd quarter. Amundi now owns 2,260,072 shares of the software maker’s stock worth $50,061,000 after purchasing an additional 1,373,295 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on OTEX. Scotia dropped their price objective on Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Barclays boosted their price target on shares of Open Text from $27.00 to $29.00 and gave the company an “equal weight” rating in a research report on Friday, November 6th. Scotiabank dropped their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings raised shares of Open Text from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, October 14th. Finally, Citigroup increased their price target on shares of Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Three analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Open Text has an average rating of “Hold” and an average target price of $30.72.

Open Text Trading Up 1.6%

Shares of NASDAQ:OTEX opened at $24.96 on Thursday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $6.03 billion, a P/E ratio of 5.95 and a beta of 0.98. Open Text Corporation has a 52-week low of $19.77 and a 52-week high of $35.26. The company has a 50-day simple moving average of $24.45 and a 200 day simple moving average of $23.78.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.11. Open Text had a return on equity of 25.23% and a net margin of 12.54%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the firm posted $1.05 EPS. The company’s quarterly revenue was down 4.0% on a year-over-year basis. Sell-side analysts forecast that Open Text Corporation will post 3.72 earnings per share for the current year.

Open Text Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.5%. Open Text’s dividend payout ratio (DPR) is currently 42.42%.

Open Text Company Profile

OpenText (NASDAQ: OTEX) develops software that helps organizations manage, secure and use business information. Its offerings include tools for content management, process automation, business-to-business data exchange, analytics, artificial intelligence and cybersecurity, delivered through cloud-based and on-premises products. Founded in 1991 and headquartered in Waterloo, Ontario, OpenText serves businesses and public-sector organizations around the world. The company’s history includes major acquisitions, including its 2023 acquisition of Micro Focus, which broadened its enterprise software portfolio.