Open Text Co. (NASDAQ:OTEX) Stock Position Cut by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ lessened its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 89.8% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 43,050 shares of the software maker’s stock after selling 379,771 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Open Text were worth $1,293,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Optiver Holding B.V. bought a new position in shares of Open Text during the 4th quarter valued at about $27,000. Ridgewood Investments LLC bought a new position in shares of Open Text during the 2nd quarter valued at about $30,000. Headlands Technologies LLC bought a new position in shares of Open Text during the 1st quarter valued at about $32,000. Assetmark Inc. bought a new position in shares of Open Text during the 4th quarter valued at about $48,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after purchasing an additional 334 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on OTEX. Barclays reduced their price objective on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. National Bank Financial lowered shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. BMO Capital Markets reduced their price objective on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a research note on Friday, August 2nd. Jefferies Financial Group reduced their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, National Bankshares lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a research note on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Open Text currently has an average rating of “Hold” and a consensus price target of $38.60.

Open Text Stock Up 1.0 %

OTEX opened at $33.10 on Tuesday. The business has a 50-day moving average of $31.42 and a 200-day moving average of $32.49. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The company has a market capitalization of $8.93 billion, a PE ratio of 53.39 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the business earned $0.79 EPS. The firm’s revenue was down 8.6% compared to the same quarter last year. Equities research analysts forecast that Open Text Co. will post 3.23 EPS for the current fiscal year.

Open Text Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were issued a $0.192 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date was Friday, August 30th. Open Text’s dividend payout ratio (DPR) is currently 169.35%.

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.