Truist Financial Corp Has $515,000 Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Truist Financial Corp lessened its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,128 shares of the software maker’s stock after selling 682 shares during the period. Truist Financial Corp’s holdings in Open Text were worth $515,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Chase Investment Counsel Corp grew its holdings in Open Text by 6.9% during the first quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after purchasing an additional 528 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Open Text in the first quarter valued at approximately $32,000. Vanguard Personalized Indexing Management LLC boosted its position in shares of Open Text by 5.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock valued at $524,000 after acquiring an additional 874 shares during the period. Ridgewood Investments LLC bought a new stake in shares of Open Text in the second quarter valued at approximately $30,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Open Text by 27.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,692 shares of the software maker’s stock valued at $197,000 after acquiring an additional 1,023 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Up 1.3 %

Shares of NASDAQ OTEX opened at $34.04 on Thursday. The stock has a market cap of $9.19 billion, a PE ratio of 54.90 and a beta of 1.12. The business has a fifty day moving average of $32.36 and a two-hundred day moving average of $31.88. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The business’s revenue was down 8.6% on a year-over-year basis. During the same period last year, the business earned $0.79 earnings per share. As a group, equities research analysts expect that Open Text Co. will post 3.23 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were paid a $0.192 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.26%. Open Text’s dividend payout ratio (DPR) is presently 169.35%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. National Bank Financial cut Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. Citigroup increased their price objective on Open Text from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. BMO Capital Markets reduced their price objective on Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a research report on Friday, August 2nd. Barclays reduced their target price on 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. Finally, National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research report on Friday, August 2nd. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $38.89.

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.