Open Text (NASDAQ:OTEX – Free Report) (TSE:OTC) had its target price upped by BMO Capital Markets from $48.00 to $50.00 in a research report report published on Friday morning, BayStreet.CA reports. The firm currently has an outperform rating on the software maker’s stock.
Several other research analysts have also commented on the company. TD Securities lifted their target price on Open Text from $52.00 to $53.00 and gave the stock a buy rating in a research report on Wednesday, November 29th. Royal Bank of Canada reissued an outperform rating and issued a $53.00 price target on shares of Open Text in a report on Friday. Stifel Nicolaus cut their price target on Open Text from $44.00 to $38.00 and set a neutral rating on the stock in a report on Monday, October 16th. Citigroup raised their price target on Open Text from $38.00 to $44.00 and gave the stock a neutral rating in a report on Friday. Finally, StockNews.com downgraded Open Text from a buy rating to a hold rating in a research note on Monday, January 29th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $46.71.
Open Text Stock Performance
Open Text Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 20th. Investors of record on Friday, March 1st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Thursday, February 29th. Open Text’s dividend payout ratio is currently 212.77%.
Institutional Trading of Open Text
Large investors have recently made changes to their positions in the company. Van ECK Associates Corp increased its holdings in Open Text by 12.1% during the 4th quarter. Van ECK Associates Corp now owns 17,096 shares of the software maker’s stock worth $719,000 after purchasing an additional 1,850 shares in the last quarter. Syon Capital LLC acquired a new stake in Open Text during the fourth quarter worth approximately $243,000. Lorne Steinberg Wealth Management Inc. raised its position in shares of Open Text by 15.5% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 117,715 shares of the software maker’s stock valued at $4,949,000 after buying an additional 15,775 shares in the last quarter. Cooke & Bieler LP raised its position in shares of Open Text by 4.2% in the fourth quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock valued at $200,345,000 after buying an additional 191,292 shares in the last quarter. Finally, DGS Capital Management LLC increased its stake in Open Text by 3.9% in the fourth quarter. DGS Capital Management LLC now owns 33,511 shares of the software maker’s stock valued at $1,408,000 after acquiring an additional 1,271 shares during the last quarter. Institutional investors own 64.53% of the company’s stock.
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.
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