Open Text Co. (NASDAQ:OTEX) Holdings Lifted by JARISLOWSKY FRASER Ltd

JARISLOWSKY FRASER Ltd grew its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 5.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,702,510 shares of the software maker's stock after buying an additional 767,822 shares during the period. Open Text accounts for about 2.9% of JARISLOWSKY FRASER Ltd's holdings, making the stock its 8th biggest holding. JARISLOWSKY FRASER Ltd owned 5.86% of Open Text worth $471,415,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC increased its position in Open Text by 5.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker's stock worth $524,000 after purchasing an additional 874 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Open Text by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 787,619 shares of the software maker's stock valued at $23,660,000 after purchasing an additional 45,380 shares during the period. Thornburg Investment Management Inc. boosted its stake in shares of Open Text by 200.0% in the second quarter. Thornburg Investment Management Inc. now owns 128,100 shares of the software maker's stock valued at $3,848,000 after purchasing an additional 85,400 shares during the period. American Century Companies Inc. boosted its stake in shares of Open Text by 13.6% in the second quarter. American Century Companies Inc. now owns 92,871 shares of the software maker's stock valued at $2,789,000 after purchasing an additional 11,127 shares during the period. Finally, Andra AP fonden purchased a new position in shares of Open Text in the second quarter valued at approximately $1,601,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OTEX. National Bank Financial lowered shares of Open Text from an "outperform" rating to a "sector perform" rating in a research note on Friday, August 2nd. Jefferies Financial Group reduced their target price on shares of Open Text from $42.00 to $35.00 and set a "buy" rating on the stock in a report on Friday, August 2nd. CIBC reduced their target price on shares of Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, July 19th. Citigroup reduced their target price 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. Finally, Barclays reduced their target price on shares of Open Text from $38.00 to $36.00 and set an "equal weight" rating on the stock in a report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $38.60.

Open Text Price Performance

Shares of NASDAQ:OTEX traded up $0.98 on Thursday, reaching $32.80. 478,120 shares of the company were exchanged, compared to its average volume of 666,058. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The firm has a market cap of $8.80 billion, a price-to-earnings ratio of 51.32 and a beta of 1.11. The company has a 50-day moving average of $31.33 and a 200-day moving average of $32.65.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the prior year, the company posted $0.79 EPS. The business's revenue for the quarter was down 8.6% on a year-over-year basis. Equities analysts forecast that Open Text Co. will post 3.23 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be paid a $0.192 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a yield of 2.34%. Open Text's payout ratio is 169.35%.

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.