New South Capital Management Inc. reduced its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 4.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,442,450 shares of the software maker's stock after selling 100,634 shares during the quarter. Open Text comprises about 2.9% of New South Capital Management Inc.'s portfolio, making the stock its 8th largest holding. New South Capital Management Inc. owned about 0.93% of Open Text worth $69,170,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc raised its stake in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares during the last quarter. Blue Trust Inc. increased its holdings in Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares during the period. Allworth Financial LP raised its position in 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 buying an additional 439 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in Open Text during the 4th quarter valued at approximately $138,000. Finally, Asahi Life Asset Management CO. LTD. purchased a new stake in shares of Open Text in the 4th quarter valued at $241,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.
Open Text Price Performance
Shares of NASDAQ:OTEX traded up $0.41 during midday trading on Friday, reaching $26.33. 1,211,860 shares of the company's stock traded hands, compared to its average volume of 1,075,349. The company has a market cap of $6.95 billion, a P/E ratio of 10.70 and a beta of 1.17. The company has a fifty day simple moving average of $27.97 and a two-hundred day simple moving average of $30.12. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. Open Text Co. has a 1 year low of $25.07 and a 1 year high of $40.55.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping 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%. Equities analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.
Open Text Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio (DPR) is 42.68%.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on OTEX. UBS Group initiated 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. TD Securities reduced their price objective on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research note on Sunday, February 9th. StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Barclays raised their target price on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Finally, Royal Bank of Canada decreased their price target on Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a report on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $35.18.
Get Our Latest Research Report on OTEX
Open Text Profile
(
Free Report)
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.
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