Vontobel Holding Ltd. Lowers Holdings in Open Text Co. (NASDAQ:OTEX)

Vontobel Holding Ltd. lowered its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,751 shares of the software maker’s stock after selling 2,200 shares during the quarter. Vontobel Holding Ltd.’s holdings in Open Text were worth $1,856,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Headlands Technologies LLC purchased a new position in shares of Open Text during the 1st quarter worth approximately $32,000. Ridgewood Investments LLC acquired a new stake in shares of Open Text in the second quarter valued at $30,000. Kimelman & Baird LLC purchased a new stake in shares of Open Text in the 2nd quarter valued at $36,000. UniSuper Management Pty Ltd lifted its stake in Open Text by 105.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock worth $151,000 after acquiring an additional 2,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Open Text by 27.9% during the 4th 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.

Analyst Ratings Changes

Several brokerages have recently issued reports on OTEX. CIBC reduced their price target on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. Jefferies Financial Group dropped their price target 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. Citigroup increased their price objective on Open Text from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. 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 note on Friday, August 2nd. Finally, BMO Capital Markets reduced their price target on Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Open Text presently has a consensus rating of “Hold” and an average target price of $38.89.

Open Text Stock Performance

Shares of OTEX opened at $34.03 on Friday. The company has a market capitalization of $9.18 billion, a price-to-earnings ratio of 54.89 and a beta of 1.12. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The stock has a 50 day moving average price of $32.52 and a 200 day moving average price of $31.82.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The firm 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 firm posted $0.79 EPS. The company’s revenue was down 8.6% on a year-over-year basis. Research analysts predict that Open Text Co. will post 3.23 EPS for the current fiscal year.

Open Text Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a $0.192 dividend. This represents a $0.77 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Friday, August 30th. Open Text’s payout ratio is currently 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.