CIBC Asset Management Inc Sells 1,416 Shares of Open Text Co. (NASDAQ:OTEX)

CIBC Asset Management Inc lessened its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,020,971 shares of the software maker’s stock after selling 1,416 shares during the quarter. CIBC Asset Management Inc’s holdings in Open Text were worth $34,067,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Open Text during the 3rd quarter worth approximately $332,000. Saturna Capital Corp grew its holdings in Open Text by 9.7% during the third quarter. Saturna Capital Corp now owns 41,440 shares of the software maker’s stock valued at $1,379,000 after purchasing an additional 3,650 shares during the period. Access Investment Management LLC purchased a new stake in Open Text in the third quarter worth $6,509,000. Crossmark Global Holdings Inc. raised its stake in shares of Open Text by 1,290.4% in the third quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock valued at $11,209,000 after buying an additional 312,567 shares during the period. Finally, Bridges Investment Management Inc. lifted its position in shares of Open Text by 13.9% during the 3rd quarter. Bridges Investment Management Inc. now owns 47,330 shares of the software maker’s stock valued at $1,575,000 after buying an additional 5,760 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Performance

Shares of OTEX opened at $28.83 on Friday. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The company has a market cap of $7.67 billion, a PE ratio of 16.66 and a beta of 1.13. The stock has a 50-day moving average price of $32.26 and a 200-day moving average price of $31.21.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.13. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. Open Text’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. As a group, equities analysts forecast that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Friday, November 29th. This is a boost from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio is currently 60.69%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on OTEX shares. National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a research note on Friday, August 2nd. Barclays dropped their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $45.00 to $33.00 in a report on Friday, November 1st. Finally, Jefferies Financial Group decreased their price objective on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $35.90.

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.