By otakuyassine3@gmail.com 
Fmr LLC cut its holdings in Open Text Co. (NASDAQ:OTEX – Free Report) (TSE:OTC) by 38.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,151,218 shares of the software maker’s stock after selling 3,152,732 shares during the period. Fmr LLC owned 1.95% of Open Text worth $145,780,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. IFP Advisors Inc boosted its position in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after acquiring an additional 515 shares during the last quarter. Blue Trust Inc. lifted its stake in Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after purchasing 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 valued at about $62,000. Allworth Financial LP grew its position in shares of Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares in the last quarter. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Open Text in the fourth quarter worth about $105,000. 70.37% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
OTEX has been the subject of several research analyst reports. TD Securities cut their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. UBS Group assumed coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. Barclays lifted their price objective on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Finally, Royal Bank of Canada lowered their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $35.18.
Get Our Latest Stock Analysis on OTEX
Open Text Trading Up 1.9 %
OTEX opened at $25.15 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 stock’s 50 day moving average price is $26.35 and its 200-day moving average price is $28.84. Open Text Co. has a one year low of $22.79 and a one year high of $36.39. The stock has a market cap of $6.61 billion, a price-to-earnings ratio of 10.22 and a beta of 1.13.
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last released its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, equities analysts forecast that Open Text Co. will post 3.45 EPS for the current year.
Open Text Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 4.17%. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text’s payout ratio is 42.68%.
Open Text 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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