Open Text Co. (NASDAQ:OTEX) Position Cut by MidWestOne Financial Group Inc.

MidWestOne Financial Group Inc. trimmed its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 13.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 48,746 shares of the software maker’s stock after selling 7,411 shares during the period. MidWestOne Financial Group Inc.’s holdings in Open Text were worth $1,380,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. IFP Advisors Inc increased its holdings in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. increased its holdings in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after purchasing an additional 398 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of Open Text during the fourth quarter valued at $60,000. Generali Asset Management SPA SGR acquired a new position in shares of Open Text during the fourth quarter valued at $62,000. Finally, Allworth Financial LP increased its holdings in shares of Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com raised Open Text from a “hold” rating to a “buy” rating in a report on Tuesday, May 13th. CIBC lowered their target price on Open Text from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. TD Securities lowered their target price on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. National Bankshares lowered their target price on Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a report on Friday, April 25th. Finally, Scotiabank lowered their target price on Open Text from $35.00 to $30.00 and set a “sector perform” rating on the stock in a report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $32.30.

Open Text Price Performance

NASDAQ OTEX opened at $28.35 on Wednesday. The stock’s 50-day moving average price is $26.10 and its two-hundred day moving average price is $27.67. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market cap of $7.35 billion, a PE ratio of 11.52 and a beta of 1.15. Open Text Co. has a 1 year low of $22.79 and a 1 year high of $34.20.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The business’s revenue for the quarter was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 EPS. On average, analysts predict that Open Text Co. will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a $0.2625 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.70%. Open Text’s dividend payout ratio is 42.86%.

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.