Geode Capital Management LLC Purchases 61,696 Shares of Open Text Co. (NASDAQ:OTEX)

Geode Capital Management LLC grew its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 4.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,397,853 shares of the software maker's stock after purchasing an additional 61,696 shares during the period. Geode Capital Management LLC owned about 0.53% of Open Text worth $46,460,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Brandes Investment Partners LP lifted its position in Open Text by 236.8% in the second quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker's stock worth $55,059,000 after purchasing an additional 1,290,011 shares during the period. The Manufacturers Life Insurance Company increased its stake in Open Text by 25.1% in the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker's stock valued at $167,277,000 after acquiring an additional 1,118,479 shares during the period. Cooke & Bieler LP raised its position in Open Text by 18.6% in the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock worth $166,325,000 after purchasing an additional 867,978 shares in the last quarter. JARISLOWSKY FRASER Ltd lifted its stake in Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker's stock worth $471,415,000 after purchasing an additional 767,822 shares during the period. Finally, National Bank of Canada FI boosted its holdings in Open Text by 17.5% during the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker's stock valued at $120,390,000 after purchasing an additional 599,790 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on OTEX shares. TD Securities cut their target price on Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a research report on Tuesday. Scotiabank cut 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 research note on Friday, November 1st. BMO Capital Markets cut their price objective on Open Text from $33.00 to $32.00 and set a "market perform" rating for the company in a research report on Friday, November 1st. Citigroup decreased their target price on Open Text from $34.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, November 1st. Finally, Royal Bank of Canada cut Open Text from an "outperform" rating to a "sector perform" rating and cut their price target for the company from $45.00 to $33.00 in a report on Friday, November 1st. Nine analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $35.55.

Open Text Trading Up 0.2 %

Shares of Open Text stock traded up $0.05 during trading on Tuesday, hitting $28.01. 232,259 shares of the company were exchanged, compared to its average volume of 651,370. The firm has a market capitalization of $7.45 billion, a P/E ratio of 16.19 and a beta of 1.11. The firm's fifty day moving average price is $30.52 and its 200 day moving average price is $31.01. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. Open Text Co. has a 1-year low of $27.05 and a 1-year high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results 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. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm's revenue was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 EPS. As a group, sell-side analysts expect that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 29th were paid a dividend of $0.262 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.74%. This is a boost from Open Text's previous quarterly dividend of $0.19. The ex-dividend date was Friday, November 29th. Open Text's dividend payout ratio is presently 60.69%.

About Open Text

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.