Mitsubishi UFJ Asset Management Co. Ltd. Purchases 14,711 Shares of Open Text Co. (NASDAQ:OTEX)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 644.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,995 shares of the software maker's stock after purchasing an additional 14,711 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Open Text were worth $486,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. IFP Advisors Inc grew its stake 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 buying an additional 515 shares during the last quarter. Blue Trust Inc. grew its position in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after acquiring an additional 398 shares during the last quarter. Generali Asset Management SPA SGR bought a new stake in Open Text during the 4th quarter worth $62,000. Allworth Financial LP increased its holdings in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after purchasing an additional 439 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new position in Open Text in the fourth quarter valued at about $138,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

OTEX has been the subject of several recent research reports. Barclays upped their price objective on Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Royal Bank of Canada dropped 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 research note on Friday, February 7th. UBS Group initiated coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price objective on the stock. TD Securities lowered their target price on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. Finally, StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $35.18.

Open Text Trading Down 4.5 %

NASDAQ OTEX traded down $1.09 during trading hours on Monday, hitting $23.04. 2,453,761 shares of the company's stock were exchanged, compared to its average volume of 794,230. Open Text Co. has a 1-year low of $22.79 and a 1-year high of $37.77. 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 50-day simple moving average of $26.94 and a 200 day simple moving average of $29.17. The firm has a market cap of $6.06 billion, a price-to-earnings ratio of 9.37 and a beta of 1.13.

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 for the quarter, beating the consensus estimate 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, equities analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio is 42.68%.

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.