Mitsubishi UFJ Trust & Banking Corp Acquires 61,600 Shares of Open Text Co. (NASDAQ:OTEX)

Mitsubishi UFJ Trust & Banking Corp grew its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 32.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 250,201 shares of the software maker's stock after purchasing an additional 61,600 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.09% of Open Text worth $7,093,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. BNP Paribas Financial Markets lifted its stake in Open Text by 3.3% in the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock valued at $369,000 after acquiring an additional 351 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after buying an additional 398 shares during the period. Allworth Financial LP grew its holdings in shares of Open Text by 20.7% during 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. IFP Advisors Inc boosted its stake in 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 in the last quarter. Finally, DGS Capital Management LLC boosted its position in shares of Open Text by 2.0% during the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock valued at $750,000 after acquiring an additional 530 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

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Open Text Stock Down 2.9 %

Shares of OTEX traded down $0.72 during midday trading on Friday, hitting $24.13. The stock had a trading volume of 2,218,885 shares, compared to its average volume of 786,149. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of 9.81 and a beta of 1.17. Open Text Co. has a twelve month low of $23.44 and a twelve month high of $37.86. The company has a 50 day simple moving average of $27.05 and a two-hundred day simple moving average of $29.28.

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, beating 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, analysts anticipate that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a dividend of $0.2625 per share. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 4.35%. The ex-dividend date was Friday, March 7th. Open Text's dividend payout ratio is 42.68%.

Analyst Upgrades and Downgrades

OTEX has been the topic of several recent analyst reports. TD Securities decreased their price target on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Sunday, February 9th. Citigroup increased their price target on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. StockNews.com cut 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 report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 target price for the company. Finally, Royal Bank of Canada decreased their target price on Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a research 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.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $35.18.

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.