Cidel Asset Management Inc. Sells 24,081 Shares of Open Text Co. (NASDAQ:OTEX)

Cidel Asset Management Inc. cut its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 893,824 shares of the software maker’s stock after selling 24,081 shares during the quarter. Open Text makes up 1.7% of Cidel Asset Management Inc.’s portfolio, making the stock its 17th biggest position. Cidel Asset Management Inc.’s holdings in Open Text were worth $25,282,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after purchasing an additional 793 shares during the period. Cromwell Holdings LLC grew its position in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after buying an additional 380 shares during the period. Essex LLC bought a new stake in shares of Open Text in the 3rd quarter valued at about $210,000. Net Worth Advisory Group bought a new position in Open Text during the 3rd quarter worth approximately $226,000. Finally, NBC Securities Inc. acquired a new position in Open Text during the third quarter valued at approximately $278,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on OTEX shares. BMO Capital Markets cut their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. UBS Group initiated coverage on Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Royal Bank of Canada dropped their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday. Finally, Barclays boosted their price objective on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Open Text presently has a consensus rating of “Hold” and a consensus price target of $35.45.

Open Text Trading Down 5.7 %

NASDAQ:OTEX opened at $27.86 on Friday. The company has a market cap of $7.35 billion, a P/E ratio of 11.33 and a beta of 1.12. Open Text Co. has a twelve month low of $26.84 and a twelve month high of $42.17. The business has a 50 day moving average price of $28.90 and a two-hundred day moving average price of $30.64. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. As a group, analysts expect that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a $0.2625 dividend. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.05 annualized dividend and a dividend yield of 3.77%. Open Text’s dividend payout ratio (DPR) is presently 42.68%.

About Open Text

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.