Charles Schwab Investment Management Inc. Increases Stake in Open Text Co. (NASDAQ:OTEX)

Charles Schwab Investment Management Inc. raised its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 672,532 shares of the software maker’s stock after buying an additional 11,965 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.25% of Open Text worth $22,411,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Ridgewood Investments LLC purchased a new position in shares of Open Text in the 2nd quarter valued at about $30,000. Blue Trust Inc. increased its holdings in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Open Text during the second quarter worth approximately $36,000. Cromwell Holdings LLC lifted its stake in Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares during the last quarter. Finally, Essex LLC acquired a new position in Open Text in the third quarter valued at approximately $210,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Barclays decreased their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Scotiabank decreased their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Citigroup cut their price target on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. BMO Capital Markets reduced their price objective on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Finally, TD Securities lowered their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.90.

Open Text Stock Up 1.0 %

OTEX stock opened at $31.65 on Friday. The company has a 50 day moving average price of $31.51 and a two-hundred day moving average price of $31.02. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $8.42 billion, a P/E ratio of 18.29 and a beta of 1.11. Open Text Co. has a one year low of $27.50 and a one year high of $45.47.

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

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be given a dividend of $0.262 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.31%. This is a boost from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio is 60.69%.

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.