Seeyond Cuts Stake in Open Text Co. (NASDAQ:OTEX)

Seeyond trimmed its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 50.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 48,476 shares of the software maker’s stock after selling 49,259 shares during the quarter. Seeyond’s holdings in Open Text were worth $2,464,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OTEX. Jarislowsky Fraser Ltd lifted its stake in Open Text by 9.8% during the 2nd quarter. Jarislowsky Fraser Ltd now owns 17,940,141 shares of the software maker’s stock valued at $912,000,000 after acquiring an additional 1,606,450 shares during the period. Royal Bank of Canada lifted its stake in Open Text by 1.6% during the 1st quarter. Royal Bank of Canada now owns 9,817,089 shares of the software maker’s stock valued at $468,374,000 after acquiring an additional 157,619 shares during the period. Vanguard Group Inc. lifted its stake in shares of Open Text by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 8,382,114 shares of the software maker’s stock worth $425,810,000 after purchasing an additional 108,628 shares during the period. FMR LLC lifted its stake in shares of Open Text by 14.7% in the 2nd quarter. FMR LLC now owns 7,144,004 shares of the software maker’s stock worth $362,790,000 after purchasing an additional 916,107 shares during the period. Finally, Bank of Montreal Can lifted its stake in shares of Open Text by 37.3% in the 2nd quarter. Bank of Montreal Can now owns 6,599,007 shares of the software maker’s stock worth $341,961,000 after purchasing an additional 1,791,690 shares during the period. 65.78% of the stock is currently owned by institutional investors.

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada increased their price objective on shares of Open Text from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, August 6th. Zacks Investment Research cut shares of Open Text from a “buy” rating to a “hold” rating in a research note on Friday, October 1st. Barclays increased their price objective on shares of Open Text from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Friday, August 6th. Raymond James raised their target price on shares of Open Text from $59.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, August 6th. Finally, TD Securities raised their target price on shares of Open Text from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, August 6th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $59.33.

Shares of OTEX stock traded up $0.79 on Thursday, reaching $50.20. The company’s stock had a trading volume of 12,438 shares, compared to its average volume of 471,007. The stock’s fifty day simple moving average is $52.09 and its 200-day simple moving average is $50.13. Open Text Co. has a 1 year low of $36.18 and a 1 year high of $55.25. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $13.64 billion, a price-to-earnings ratio of 43.73 and a beta of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 5th. The software maker reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Open Text had a net margin of 9.17% and a return on equity of 21.87%. The firm had revenue of $893.53 million during the quarter, compared to analyst estimates of $843.00 million. Equities research analysts forecast that Open Text Co. will post 3.4 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 24th. Investors of record on Friday, September 3rd were issued a $0.2209 dividend. The ex-dividend date of this dividend was Thursday, September 2nd. This is a positive change from Open Text’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.76%. Open Text’s dividend payout ratio (DPR) is 27.16%.

Open Text Company Profile

Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.

Read More: How dollar cost averaging works

Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.