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


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Open Text Co. (NASDAQ:OTEX) (TSE:OTC) saw unusually-strong trading volume on Thursday . Approximately 23,993 shares were traded during mid-day trading, a decline of 96% from the previous session’s volume of 538,032 shares.The stock last traded at $48.74 and had previously closed at $48.85.

OTEX has been the subject of several research reports. TD Securities raised their price target on shares of Open Text from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, February 5th. Zacks Investment Research lowered Open Text from a “buy” rating to a “hold” rating in a report on Thursday, April 8th. Barclays lifted their price target on Open Text from $51.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, February 5th. Raymond James raised their price objective on shares of Open Text from $55.00 to $59.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Royal Bank of Canada increased their price target on shares of Open Text from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, February 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. Open Text currently has an average rating of “Hold” and an average price target of $55.89.

The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a 50 day moving average price of $48.14 and a two-hundred day moving average price of $45.23. The company has a market capitalization of $13.36 billion, a P/E ratio of 49.85 and a beta of 0.89.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, February 4th. The software maker reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.07. The business had revenue of $855.64 million for the quarter, compared to analyst estimates of $814.00 million. Open Text had a net margin of 8.18% and a return on equity of 14.39%. On average, equities analysts expect that Open Text Co. will post 3.1 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 26th. Shareholders of record on Friday, March 5th were given a $0.2008 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, March 4th. This represents a $0.80 annualized dividend and a yield of 1.64%. Open Text’s payout ratio is presently 28.57%.

Institutional investors have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC increased its position in Open Text by 420.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 728 shares of the software maker’s stock valued at $33,000 after acquiring an additional 588 shares in the last quarter. Distillate Capital Partners LLC acquired a new stake in shares of Open Text in the 4th quarter valued at $80,000. Meeder Asset Management Inc. acquired a new position in shares of Open Text during the fourth quarter valued at $132,000. Meitav Dash Investments Ltd. bought a new position in Open Text in the fourth quarter valued at about $203,000. Finally, Crawford Investment Counsel Inc. bought a new stake in Open Text during the 4th quarter worth about $210,000. 64.00% of the stock is owned by institutional investors and hedge funds.

About Open Text (NASDAQ:OTEX)

Open Text Corporation provides a suite of software products and services. The company offers content services; business network that manages and connects data within the organization; Cyber Resilience, a solution for defending against cyber threats and preparing for business continuity and response in the event of a breach; OpenText security solutions that addresses information security and digital investigations; AI and analytics that leverages structured or unstructured data; and OpenText Information Management software platform that provides multi-level, multi-role, and multi context security information platforms.

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