Thornburg Investment Management Inc. Boosts Stake in Open Text Co. (NASDAQ:OTEX)

Thornburg Investment Management Inc. raised its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 200.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 128,100 shares of the software maker's stock after acquiring an additional 85,400 shares during the period. Thornburg Investment Management Inc.'s holdings in Open Text were worth $3,848,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Open Text by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker's stock worth $401,693,000 after purchasing an additional 135,812 shares during the period. FIL Ltd increased its stake in shares of Open Text by 25.7% during the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker's stock valued at $380,696,000 after buying an additional 1,853,891 shares during the period. Beutel Goodman & Co Ltd. raised its holdings in shares of Open Text by 9.9% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker's stock valued at $365,800,000 after acquiring an additional 782,885 shares in the last quarter. First Trust Advisors LP lifted its stake in Open Text by 1.1% in the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker's stock worth $292,817,000 after acquiring an additional 74,481 shares during the period. Finally, Cooke & Bieler LP grew its holdings in Open Text by 18.6% during the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock worth $166,325,000 after acquiring an additional 867,978 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Price Performance

Shares of OTEX stock traded down $0.17 during mid-day trading on Friday, hitting $32.15. 575,880 shares of the stock were exchanged, compared to its average volume of 668,311. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47. The firm has a fifty day moving average of $31.25 and a 200 day moving average of $32.88. The company has a market cap of $8.62 billion, a PE ratio of 51.85 and a beta of 1.11.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. Open Text's quarterly revenue was down 8.6% compared to the same quarter last year. During the same period last year, the company earned $0.79 earnings per share. Research analysts anticipate that Open Text Co. will post 3.23 earnings per share for the current year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a $0.192 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.77 annualized dividend and a dividend yield of 2.39%. Open Text's dividend payout ratio (DPR) is 169.35%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OTEX shares. Citigroup cut their price objective on shares of Open Text from $37.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, June 26th. National Bank Financial cut Open Text from an "outperform" rating to a "sector perform" rating in a research note on Friday, August 2nd. Barclays cut their target price on Open Text from $38.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Monday, August 5th. BMO Capital Markets decreased their price target on shares of Open Text from $38.00 to $33.00 and set a "market perform" rating for the company in a research report on Friday, August 2nd. Finally, CIBC cut their price objective on shares of Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, July 19th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $38.60.

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.