Allspring Global Investments Holdings LLC lifted its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 30.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,476 shares of the software maker's stock after purchasing an additional 39,266 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Open Text worth $4,705,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock valued at $32,000 after purchasing an additional 793 shares during the last quarter. Cromwell Holdings LLC raised its position in shares of Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock valued at $55,000 after purchasing an additional 380 shares during the period. Vest Financial LLC acquired a new stake in shares of Open Text during the 4th quarter worth about $267,000. Farther Finance Advisors LLC boosted its holdings in shares of Open Text by 74.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker's stock worth $290,000 after buying an additional 3,719 shares during the period. Finally, DRW Securities LLC acquired a new position in Open Text in the 3rd quarter valued at about $313,000. Institutional investors and hedge funds own 70.37% of the company's stock.
Open Text Price Performance
Open Text stock traded down $0.63 during midday trading on Friday, reaching $26.83. The company's stock had a trading volume of 792,567 shares, compared to its average volume of 703,293. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The stock has a market cap of $7.08 billion, a PE ratio of 10.91 and a beta of 1.12. Open Text Co. has a 52 week low of $26.81 and a 52 week high of $40.55. The business has a 50-day moving average price of $28.42 and a 200-day moving average price of $30.46.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping 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%. On average, sell-side analysts predict that Open Text Co. will post 3.45 EPS for the current year.
Open Text Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a dividend of $0.2625 per share. The ex-dividend date is Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a yield of 3.91%. This is a positive change from Open Text's previous quarterly dividend of $0.26. Open Text's payout ratio is currently 42.68%.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on OTEX. TD Securities cut their price objective on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. Citigroup lifted their price target on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. BMO Capital Markets cut their price target on Open Text from $33.00 to $32.00 and set a "market perform" rating for the company in a research note on Friday, November 1st. UBS Group began coverage on Open Text in a research note on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price objective on the stock. Finally, StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. 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 data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $35.18.
Get Our Latest Research Report on Open Text
Open Text Company Profile
(
Free Report)
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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