Envestnet Asset Management Inc. Sells 2,611 Shares of Open Text Co. (NASDAQ:OTEX)

Envestnet Asset Management Inc. trimmed its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 73,376 shares of the software maker’s stock after selling 2,611 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Open Text were worth $2,078,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. IFP Advisors Inc grew its stake in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after acquiring an additional 515 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after acquiring an additional 398 shares in the last quarter. Generali Asset Management SPA SGR bought a new position in shares of Open Text during the 4th quarter worth approximately $62,000. Allworth Financial LP grew its stake in shares of Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after acquiring an additional 439 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new position in shares of Open Text during the 4th quarter worth approximately $105,000. 70.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. TD Securities decreased their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Sunday, February 9th. Citigroup raised their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. National Bankshares lowered their target price on shares of Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a report on Friday. Finally, Royal Bank of Canada cut their price target on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 22nd. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Open Text presently has an average rating of “Hold” and an average target price of $34.09.

Open Text Stock Up 0.5 %

Shares of OTEX stock opened at $27.00 on Monday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The firm’s 50-day moving average is $25.76 and its 200-day moving average is $28.32. The stock has a market cap of $7.01 billion, a price-to-earnings ratio of 10.98 and a beta of 1.13. Open Text Co. has a 52-week low of $22.79 and a 52-week high of $36.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Sell-side analysts predict that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a $0.2625 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a yield of 3.89%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is 42.68%.

About Open Text

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.