Open Text (NASDAQ:OTEX) Sees Unusually-High Trading Volume

Shares of Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) saw strong trading volume on Tuesday . 22,884 shares changed hands during trading, a decline of 95% from the previous session’s volume of 484,375 shares.The stock last traded at $37.54 and had previously closed at $38.27.

A number of equities analysts recently commented on the stock. Raymond James set a $60.00 price target on shares of Open Text and gave the stock an “outperform” rating in a research report on Thursday, May 5th. TD Securities lowered their price target on shares of Open Text from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, May 5th. Royal Bank of Canada lowered their price target on shares of Open Text from $62.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, May 5th. National Bankshares reissued a “buy” rating and issued a $60.00 target price on shares of Open Text in a report on Friday, June 17th. Finally, TheStreet downgraded shares of Open Text from a “b-” rating to a “c” rating in a report on Tuesday, May 31st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Open Text has an average rating of “Moderate Buy” and an average target price of $54.17.

The company has a market cap of $10.28 billion, a P/E ratio of 21.99 and a beta of 0.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.57 and a current ratio of 1.57. The stock’s fifty day moving average price is $38.67 and its two-hundred day moving average price is $42.36.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last issued its quarterly earnings data on Wednesday, May 4th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.63 by $0.01. The business had revenue of $882.30 million during the quarter, compared to the consensus estimate of $883.76 million. Open Text had a net margin of 13.66% and a return on equity of 20.16%. The firm’s revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 EPS. On average, equities research analysts forecast that Open Text Co. will post 3.04 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 3rd were paid a $0.2209 dividend. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Thursday, June 2nd. Open Text’s payout ratio is 50.57%.

A number of large investors have recently modified their holdings of OTEX. National Bank of Canada FI bought a new position in Open Text in the 4th quarter valued at approximately $91,418,000. Harris Associates L P increased its position in Open Text by 23.5% in the 1st quarter. Harris Associates L P now owns 10,109,221 shares of the software maker’s stock valued at $428,536,000 after acquiring an additional 1,921,206 shares during the period. First Pacific Advisors LP increased its position in Open Text by 171.0% in the 4th quarter. First Pacific Advisors LP now owns 2,173,529 shares of the software maker’s stock valued at $103,199,000 after acquiring an additional 1,371,490 shares during the period. Bank of America Corp DE increased its position in Open Text by 121.8% in the 1st quarter. Bank of America Corp DE now owns 1,999,037 shares of the software maker’s stock valued at $84,759,000 after acquiring an additional 1,097,758 shares during the period. Finally, American Century Companies Inc. increased its position in Open Text by 14.2% in the 1st quarter. American Century Companies Inc. now owns 6,113,599 shares of the software maker’s stock valued at $259,218,000 after acquiring an additional 760,505 shares during the period. 70.43% of the stock is owned by institutional investors and hedge funds.

About Open Text (NASDAQ:OTEX)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.

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