Bank of Montreal Can Buys 406,335 Shares of Open Text Corporation $OTEX

Bank of Montreal Can boosted its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 14.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,295,347 shares of the software maker’s stock after purchasing an additional 406,335 shares during the quarter. Bank of Montreal Can owned 1.31% of Open Text worth $123,149,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of OTEX. Sagard Holdings Management Inc. acquired a new stake in Open Text during the second quarter worth about $30,000. MAI Capital Management raised its holdings in Open Text by 58.7% in the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock valued at $47,000 after acquiring an additional 590 shares in the last quarter. WealthCollab LLC raised its holdings in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after acquiring an additional 937 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after purchasing an additional 570 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Open Text Trading Down 3.3%

OTEX stock opened at $23.99 on Thursday. The business has a fifty day moving average price of $27.13 and a 200 day moving average price of $32.56. Open Text Corporation has a fifty-two week low of $22.44 and a fifty-two week high of $39.90. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 14.11 and a beta of 1.08. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.94 and a quick ratio of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.09. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The business’s revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.11 earnings per share. Analysts expect that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 4.6%. Open Text’s dividend payout ratio is 64.71%.

Analysts Set New Price Targets

Several brokerages have issued reports on OTEX. Canadian Imperial Bank of Commerce lowered their price target on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday, January 16th. Royal Bank Of Canada decreased their target price on shares of Open Text from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Friday, February 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. TD Securities raised shares of Open Text to a “hold” rating in a research report on Monday, February 2nd. Finally, Citigroup cut their price target on shares of Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and a consensus target price of $35.75.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.