Fmr LLC Decreases Stake in Open Text Co. (NASDAQ:OTEX)

FMR LLC reduced its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 9.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,303,950 shares of the software maker's stock after selling 818,288 shares during the quarter. FMR LLC owned about 3.12% of Open Text worth $276,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. lifted its stake in Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock worth $32,000 after purchasing an additional 793 shares in the last quarter. Ridgewood Investments LLC bought a new position in shares of Open Text during the 2nd quarter valued at approximately $30,000. Kimelman & Baird LLC bought a new stake in Open Text in the second quarter worth $36,000. Cromwell Holdings LLC raised its stake in Open Text by 29.6% during 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 in the last quarter. Finally, Essex LLC purchased a new stake in shares of Open Text during the 3rd quarter valued at about $210,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

OTEX has been the topic of several recent research reports. Citigroup decreased their price target on Open Text from $34.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, November 1st. Scotiabank lowered their target price on shares of Open Text from $40.00 to $35.00 and set a "sector perform" rating for the company in a report on Friday, November 1st. BMO Capital Markets cut their price target on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a report on Friday, November 1st. Royal Bank of Canada downgraded shares of Open Text from an "outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Finally, Barclays cut their target price on Open Text from $36.00 to $34.00 and set an "equal weight" rating on the stock in a research note on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $35.90.

Open Text Stock Down 0.4 %

Shares of OTEX stock traded down $0.11 during mid-day trading on Monday, hitting $30.32. The stock had a trading volume of 310,160 shares, compared to its average volume of 647,793. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm's 50-day moving average is $31.70 and its two-hundred day moving average is $31.02. The firm has a market capitalization of $8.06 billion, a P/E ratio of 17.59 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period last year, the company posted $0.90 earnings per share. Open Text's revenue was down 11.0% compared to the same quarter last year. On average, analysts predict that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a $0.262 dividend. This represents a $1.05 annualized dividend and a yield of 3.46%. This is an increase from Open Text's previous quarterly dividend of $0.19. The ex-dividend date is Friday, November 29th. Open Text's dividend payout ratio (DPR) is 60.69%.

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.