Seeyond Reduces Stake in Open Text Co. (NASDAQ:OTEX)

Seeyond lowered its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 50.4% during the second quarter, Holdings Channel.com reports. The institutional investor owned 48,476 shares of the software maker’s stock after selling 49,259 shares during the period. Seeyond’s holdings in Open Text were worth $2,464,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Jarislowsky Fraser Ltd boosted its position in Open Text by 9.8% in the second quarter. Jarislowsky Fraser Ltd now owns 17,940,141 shares of the software maker’s stock valued at $912,000,000 after buying an additional 1,606,450 shares during the last quarter. Royal Bank of Canada lifted its holdings in Open Text by 1.6% in the first quarter. Royal Bank of Canada now owns 9,817,089 shares of the software maker’s stock valued at $468,374,000 after acquiring an additional 157,619 shares during the period. Vanguard Group Inc. lifted its holdings in Open Text by 1.3% in the second quarter. Vanguard Group Inc. now owns 8,382,114 shares of the software maker’s stock valued at $425,810,000 after acquiring an additional 108,628 shares during the period. FMR LLC lifted its holdings in Open Text by 14.7% in the second quarter. FMR LLC now owns 7,144,004 shares of the software maker’s stock valued at $362,790,000 after acquiring an additional 916,107 shares during the period. Finally, Bank of Montreal Can lifted its holdings in Open Text by 37.3% in the second quarter. Bank of Montreal Can now owns 6,599,007 shares of the software maker’s stock valued at $341,961,000 after acquiring an additional 1,791,690 shares during the period. Hedge funds and other institutional investors own 65.78% of the company’s stock.

OTEX stock traded up $0.79 during mid-day trading on Thursday, reaching $50.20. The company had a trading volume of 12,438 shares, compared to its average volume of 471,007. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.62 and a current ratio of 1.62. The company has a market capitalization of $13.64 billion, a price-to-earnings ratio of 43.73 and a beta of 0.94. The firm has a fifty day simple moving average of $52.09 and a 200 day simple moving average of $50.13. Open Text Co. has a fifty-two week low of $36.18 and a fifty-two week high of $55.25.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, August 5th. The software maker reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Open Text had a return on equity of 21.87% and a net margin of 9.17%. The company had revenue of $893.53 million for the quarter, compared to analyst estimates of $843.00 million. As a group, analysts predict that Open Text Co. will post 3.4 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 24th. Stockholders of record on Friday, September 3rd were given a dividend of $0.2209 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.76%. The ex-dividend date was Thursday, September 2nd. This is a positive change from Open Text’s previous quarterly dividend of $0.20. Open Text’s dividend payout ratio (DPR) is 27.16%.

A number of research analysts have issued reports on OTEX shares. Barclays boosted their price target on Open Text from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Friday, August 6th. Zacks Investment Research downgraded Open Text from a “buy” rating to a “hold” rating in a research note on Friday, October 1st. Raymond James increased their price objective on Open Text from $59.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, August 6th. TD Securities increased their price objective on Open Text from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, August 6th. Finally, Royal Bank of Canada upped their target price on Open Text from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Open Text presently has an average rating of “Buy” and an average target price of $59.33.

About Open Text

Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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