US Bancorp DE Has $290,000 Stock Holdings in Open Text Corporation (NASDAQ:OTEX)

US Bancorp DE trimmed its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 38.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,485 shares of the software maker’s stock after selling 7,225 shares during the quarter. US Bancorp DE’s holdings in Open Text were worth $290,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc acquired a new position in Open Text during the 1st quarter worth approximately $26,000. Parallel Advisors LLC increased its position in Open Text by 219.3% during the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock worth $49,000 after purchasing an additional 1,331 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in Open Text during the 4th quarter worth approximately $60,000. Natixis increased its position in Open Text by 1,075.1% during the 4th quarter. Natixis now owns 3,161 shares of the software maker’s stock worth $90,000 after purchasing an additional 2,892 shares in the last quarter. Finally, Parvin Asset Management LLC acquired a new position in Open Text during the 4th quarter worth approximately $128,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Barclays restated a “positive” rating on shares of Open Text in a research report on Friday, August 8th. Royal Bank Of Canada decreased their price target on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 22nd. Jefferies Financial Group cut shares of Open Text from a “buy” rating to a “hold” rating and set a $33.00 price target for the company. in a research report on Tuesday. National Bankshares decreased their price target on shares of Open Text from $38.00 to $34.00 and set a “sector perform” rating for the company in a research report on Friday, April 25th. Finally, Citigroup upped their price target on shares of Open Text from $29.00 to $43.00 and gave the company a “negative” rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $32.60.

Open Text Trading Up 0.6%

OTEX opened at $31.04 on Friday. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $34.20. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The company has a fifty day moving average of $29.12 and a 200-day moving average of $27.66. The stock has a market cap of $7.89 billion, a PE ratio of 18.81 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the company posted $0.98 earnings per share. Open Text’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, sell-side analysts predict that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.5%. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. Open Text’s dividend payout ratio is currently 63.64%.

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.