Open Text Co. (NASDAQ:OTEX – Get Rating) (TSE:OTC) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 3,500,000 shares, an increase of 24.6% from the May 31st total of 2,810,000 shares. Based on an average daily volume of 565,100 shares, the days-to-cover ratio is presently 6.2 days.
Several large investors have recently modified their holdings of OTEX. Northwestern Mutual Wealth Management Co. bought a new position in Open Text during the 4th quarter worth $29,000. Tobam bought a new position in shares of Open Text during the first quarter worth about $29,000. AdvisorNet Financial Inc lifted its stake in shares of Open Text by 94.2% in the fourth quarter. AdvisorNet Financial Inc now owns 837 shares of the software maker’s stock worth $40,000 after acquiring an additional 406 shares during the period. Twin Tree Management LP bought a new stake in Open Text in the first quarter valued at approximately $41,000. Finally, Power Corp of Canada acquired a new stake in Open Text during the 1st quarter valued at approximately $43,000. Institutional investors own 70.43% of the company’s stock.
A number of equities research analysts have issued reports on the stock. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 14th. Raymond James set a $60.00 price objective on shares of Open Text and gave the company an “outperform” rating in a research note on Thursday, May 5th. National Bankshares reaffirmed a “buy” rating and issued a $60.00 target price on shares of Open Text in a report on Friday, June 17th. TheStreet cut Open Text from a “b-” rating to a “c” rating in a report on Tuesday, May 31st. Finally, TD Securities reduced their price objective on Open Text from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, May 5th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.17.
OTEX stock traded up $0.43 during midday trading on Monday, reaching $38.27. 26,980 shares of the stock were exchanged, compared to its average volume of 599,004. Open Text has a 52 week low of $35.04 and a 52 week high of $55.25. The company has a fifty day moving average price of $38.74 and a 200 day moving average price of $42.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market capitalization of $10.35 billion, a PE ratio of 21.99 and a beta of 0.92.
Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) last announced its quarterly earnings results on Wednesday, May 4th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.01. The firm had revenue of $882.30 million for the quarter, compared to analyst estimates of $883.76 million. Open Text had a return on equity of 20.16% and a net margin of 13.66%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period last year, the firm posted $0.70 earnings per share. As a group, analysts anticipate that Open Text will post 3.04 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 3rd were given a $0.2209 dividend. This represents a $0.88 annualized dividend and a yield of 2.31%. The ex-dividend date was Thursday, June 2nd. Open Text’s dividend payout ratio (DPR) is currently 50.57%.
About Open Text (Get Rating)
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.