Open Text Sees Unusually High Options Volume (NASDAQ:OTEX)

Open Text Corp (NASDAQ:OTEX) (TSE:OTC) was the recipient of some unusual options trading on Tuesday. Investors purchased 759 call options on the company. This is an increase of 1,388% compared to the average volume of 51 call options.

Shares of Open Text (OTEX) opened at $33.81 on Friday. Open Text has a one year low of $30.88 and a one year high of $35.80. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. The company has a market cap of $8,980.00, a price-to-earnings ratio of 58.29 and a beta of 0.44.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Friday, December 1st were issued a $0.132 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.56%. Open Text’s dividend payout ratio (DPR) is presently 91.38%.

Institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. increased its holdings in shares of Open Text by 36.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 41,207 shares of the software maker’s stock worth $1,330,000 after buying an additional 11,054 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Open Text by 73.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 63,071 shares of the software maker’s stock valued at $2,145,000 after purchasing an additional 26,733 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Open Text by 0.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 799,840 shares of the software maker’s stock valued at $25,200,000 after purchasing an additional 4,998 shares during the last quarter. Fiera Capital Corp grew its holdings in Open Text by 15.9% during the 2nd quarter. Fiera Capital Corp now owns 3,007,953 shares of the software maker’s stock valued at $94,770,000 after purchasing an additional 411,920 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Open Text by 73.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 172,088 shares of the software maker’s stock valued at $5,424,000 after purchasing an additional 72,632 shares during the last quarter. Hedge funds and other institutional investors own 66.74% of the company’s stock.

A number of research firms have recently weighed in on OTEX. Zacks Investment Research lowered shares of Open Text from a “buy” rating to a “hold” rating in a report on Friday, October 27th. BMO Capital Markets lowered their price objective on shares of Open Text from $40.00 to $38.00 in a report on Friday, November 3rd. Macquarie lowered shares of Open Text from a “neutral” rating to an “underperform” rating and set a $31.50 price objective for the company. in a report on Wednesday, November 22nd. Royal Bank of Canada reiterated a “buy” rating and set a $40.00 target price on shares of Open Text in a report on Monday, October 30th. Finally, Barclays lifted their target price on shares of Open Text from $54.00 to $55.00 in a report on Friday, November 3rd. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.27.

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About Open Text

Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

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