JPMorgan Chase & Co. Has $37.17 Million Stock Position in Open Text Co. (NASDAQ:OTEX)

JPMorgan Chase & Co. cut its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,116,949 shares of the software maker’s stock after selling 18,856 shares during the period. JPMorgan Chase & Co. owned approximately 0.42% of Open Text worth $37,172,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Blue Trust Inc. lifted its position in shares of Open Text by 435.7% during 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 period. Kimelman & Baird LLC bought a new stake in Open Text during the second quarter worth about $36,000. Cromwell Holdings LLC grew 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 buying an additional 380 shares in the last quarter. Essex LLC bought a new position in Open Text in the 3rd quarter valued at about $210,000. Finally, Net Worth Advisory Group acquired a new position in shares of Open Text in the 3rd quarter valued at approximately $226,000. 70.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on OTEX shares. Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $45.00 to $33.00 in a research note on Friday, November 1st. Barclays lowered their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. StockNews.com raised Open Text from a “buy” rating to a “strong-buy” rating in a research note on Friday. Citigroup lowered their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, November 1st. Finally, UBS Group assumed coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus target price of $35.55.

Open Text Stock Performance

Shares of Open Text stock opened at $28.87 on Tuesday. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 16.69 and a beta of 1.12. Open Text Co. has a twelve month low of $27.05 and a twelve month high of $45.47. The company’s fifty day moving average is $29.47 and its 200 day moving average is $30.98. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

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

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 29th were given a $0.262 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.63%. This is an increase from Open Text’s previous quarterly dividend of $0.19. Open Text’s 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.