Cidel Asset Management Inc. Sells 24,081 Shares of Open Text Co. (NASDAQ:OTEX)

Cidel Asset Management Inc. decreased its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 893,824 shares of the software maker’s stock after selling 24,081 shares during the quarter. Open Text makes up approximately 1.7% of Cidel Asset Management Inc.’s portfolio, making the stock its 17th largest holding. Cidel Asset Management Inc. owned 0.34% of Open Text worth $25,282,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. lifted its position in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after acquiring an additional 793 shares during the last quarter. Cromwell Holdings LLC lifted its position in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares during the last quarter. Essex LLC bought a new stake in Open Text during the 3rd quarter valued at approximately $210,000. Net Worth Advisory Group acquired a new stake in Open Text in the 3rd quarter valued at approximately $226,000. Finally, NBC Securities Inc. bought a new position in Open Text in the 3rd quarter worth approximately $278,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Down 5.7 %

OTEX opened at $27.86 on Friday. Open Text Co. has a twelve month low of $26.84 and a twelve month high of $42.17. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 11.33 and a beta of 1.12. The firm’s 50-day simple moving average is $28.90 and its 200-day simple moving average is $30.64. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. Equities research analysts anticipate that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a $0.2625 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 3.77%. Open Text’s payout ratio is presently 42.68%.

Analyst Upgrades and Downgrades

OTEX has been the topic of several research analyst reports. Citigroup raised their price objective on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday. Royal Bank of Canada decreased their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday. TD Securities cut their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. UBS Group initiated coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. Finally, StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $35.45.

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.