Open Text (NASDAQ:OTEX) Sees Unusually-High Trading Volume

Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) saw unusually-strong trading volume on Tuesday . Approximately 27,037 shares changed hands during mid-day trading, a decline of 97% from the previous session’s volume of 911,160 shares.The stock last traded at $30.50 and had previously closed at $31.25.

Analyst Ratings Changes

Several research analysts recently commented on OTEX shares. National Bankshares reiterated a “buy” rating and issued a $60.00 price target on shares of Open Text in a research report on Friday, June 17th. TheStreet lowered Open Text from a “b-” rating to a “c+” rating in a research report on Wednesday, August 31st. BMO Capital Markets dropped their target price on Open Text from $46.00 to $43.00 and set an “outperform” rating for the company in a research report on Friday, August 26th. Citigroup began coverage on Open Text in a research report on Thursday, September 1st. They set a “neutral” rating and a $34.00 target price for the company. Finally, StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 26th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Open Text presently has an average rating of “Moderate Buy” and an average target price of $48.00.

Open Text Stock Down 1.3 %

The company has a market cap of $8.01 billion, a P/E ratio of 20.33 and a beta of 0.98. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average is $36.84 and its 200 day moving average is $39.15.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be given a dividend of $0.243 per share. The ex-dividend date is Thursday, September 1st. This is an increase from Open Text’s previous quarterly dividend of $0.22. This represents a $0.97 dividend on an annualized basis and a dividend yield of 3.27%. Open Text’s dividend payout ratio is presently 66.44%.

Hedge Funds Weigh In On Open Text

Large investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Open Text during the second quarter worth $25,000. Tobam acquired a new position in shares of Open Text during the first quarter worth $29,000. Prospera Financial Services Inc increased its position in shares of Open Text by 148.3% during the second quarter. Prospera Financial Services Inc now owns 745 shares of the software maker’s stock worth $28,000 after purchasing an additional 445 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of Open Text during the first quarter worth $41,000. Finally, Grayhawk Investment Strategies Inc. acquired a new position in shares of Open Text in the 2nd quarter valued at $49,000. 68.82% of the stock is owned by institutional investors and hedge funds.

Open Text Company Profile

(Get Rating)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

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