DGS Capital Management LLC Decreases Position in Open Text Co. (NASDAQ:OTEX)

DGS Capital Management LLC lessened its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 4.5% during the 3rd quarter, Holdings Channel reports. The firm owned 25,947 shares of the software maker’s stock after selling 1,231 shares during the quarter. DGS Capital Management LLC’s holdings in Open Text were worth $864,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ridgewood Investments LLC acquired a new stake in shares of Open Text in the second quarter worth approximately $30,000. Blue Trust Inc. boosted its holdings in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after purchasing an additional 793 shares during the last quarter. Kimelman & Baird LLC acquired a new position in shares of Open Text in the 2nd quarter valued at $36,000. Cromwell Holdings LLC grew its stake 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 valued at $55,000 after buying an additional 380 shares during the period. Finally, Essex LLC acquired a new stake in shares of Open Text during the 3rd quarter worth $210,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Stock Down 0.8 %

NASDAQ:OTEX traded down $0.23 during trading hours on Friday, hitting $29.66. 46,783 shares of the stock traded hands, compared to its average volume of 643,158. The firm has a market cap of $7.89 billion, a price-to-earnings ratio of 17.28 and a beta of 1.11. The firm has a 50 day moving average price of $31.25 and a 200 day moving average price of $31.01. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. Equities research analysts anticipate that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.05 dividend on an annualized basis and a yield of 3.53%. This is a boost from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio is presently 60.69%.

Analyst Ratings Changes

Several research analysts recently commented on OTEX shares. Barclays cut their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Citigroup decreased their price target on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Scotiabank decreased their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. BMO Capital Markets reduced their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. Finally, TD Securities dropped their price objective on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $35.90.

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.