Open Text Co. (NASDAQ:OTEX) Shares Sold by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ lowered its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 89.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,050 shares of the software maker’s stock after selling 379,771 shares during the period. 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 hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bridges Investment Management Inc. acquired a new position in shares of Open Text in the second quarter valued at approximately $1,249,000. Intech Investment Management LLC raised its position in shares of Open Text by 227.1% in the second quarter. Intech Investment Management LLC now owns 64,196 shares of the software maker’s stock valued at $1,927,000 after buying an additional 44,573 shares during the last quarter. Bristol Gate Capital Partners Inc. raised its position in shares of Open Text by 41.6% in the second quarter. Bristol Gate Capital Partners Inc. now owns 31,398 shares of the software maker’s stock valued at $942,000 after buying an additional 9,221 shares during the last quarter. MQS Management LLC acquired a new position in shares of Open Text in the second quarter valued at approximately $252,000. Finally, XTX Topco Ltd acquired a new position in shares of Open Text in the second quarter valued at approximately $778,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OTEX. Citigroup cut their price objective on shares of Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a report on Friday, August 2nd. BMO Capital Markets lowered their target price on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a report on Friday, August 2nd. National Bank Financial downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Finally, CIBC lowered their target price on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, July 19th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $38.60.

Open Text Trading Up 1.0 %

OTEX opened at $33.10 on Tuesday. The stock has a market capitalization of $8.93 billion, a PE ratio of 53.39 and a beta of 1.11. The firm’s fifty day moving average price is $31.42 and its 200 day moving average price is $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 12-month low of $27.50 and a 12-month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The firm’s revenue was down 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.79 earnings per share. As a group, research analysts expect 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 dividend of $0.192 per share. The ex-dividend date was Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.32%. Open Text’s dividend payout ratio (DPR) is 169.35%.

Open Text Company 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.