JPMorgan Chase & Co. Lowers Stake in Open Text Corporation $OTEX

JPMorgan Chase & Co. lessened its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 3.4% during the 2nd quarter, Holdings Channel reports. The fund owned 1,109,057 shares of the software maker’s stock after selling 39,290 shares during the period. JPMorgan Chase & Co.’s holdings in Open Text were worth $32,384,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Cromwell Holdings LLC lifted its stake in shares of Open Text by 27.4% during the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after purchasing an additional 352 shares during the last quarter. Headlands Technologies LLC lifted its position in shares of Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock valued at $73,000 after buying an additional 2,261 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of Open Text during the first quarter valued at about $213,000. Callan Family Office LLC bought a new stake in shares of Open Text in the 2nd quarter valued at about $250,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Open Text in the 2nd quarter worth approximately $261,000. 70.37% of the stock is owned by institutional investors.

Open Text Price Performance

NASDAQ OTEX opened at $33.59 on Wednesday. The company has a market cap of $8.47 billion, a price-to-earnings ratio of 20.36 and a beta of 1.08. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s fifty day moving average price is $36.70 and its 200 day moving average price is $32.68. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.05. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 EPS. As a group, equities research analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a $0.275 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.10 dividend on an annualized basis and a yield of 3.3%. Open Text’s dividend payout ratio is currently 57.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. TD Cowen reissued a “hold” rating and set a $40.00 target price on shares of Open Text in a research report on Friday, October 3rd. Scotiabank upgraded Open Text from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $35.00 to $50.00 in a report on Wednesday, September 24th. TD Securities downgraded Open Text from a “buy” rating to a “hold” rating and boosted their target price for the stock from $35.00 to $40.00 in a research note on Friday, October 3rd. Wall Street Zen upgraded Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, UBS Group raised their price target on Open Text from $32.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, Open Text presently has an average rating of “Hold” and a consensus price target of $39.42.

About Open Text

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.