FIL Ltd lifted its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 27.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,381,553 shares of the software maker's stock after acquiring an additional 519,004 shares during the quarter. FIL Ltd owned 0.90% of Open Text worth $67,398,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets increased its position in shares of Open Text by 3.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock valued at $369,000 after purchasing an additional 351 shares during the last quarter. Blue Trust Inc. increased its stake in shares of 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 purchasing an additional 398 shares in the last quarter. Allworth Financial LP raised its stake 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 acquiring an additional 439 shares during the period. IFP Advisors Inc boosted its holdings in Open Text by 103.8% in the 4th 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 period. Finally, DGS Capital Management LLC raised its stake in 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 purchasing an additional 530 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on OTEX. Royal Bank of Canada cut their price objective 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. UBS Group began coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price target for the company. Barclays boosted their target price on shares of Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Citigroup lifted their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Finally, StockNews.com cut shares of Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Open Text currently has a consensus rating of "Hold" and a consensus price target of $35.18.
Get Our Latest Analysis on OTEX
Open Text Stock Down 0.0 %
Shares of OTEX traded down $0.01 during trading hours on Tuesday, hitting $25.56. The company had a trading volume of 299,085 shares, compared to its average volume of 1,123,856. Open Text Co. has a one year low of $22.79 and a one year high of $36.39. The company's fifty day moving average price is $26.25 and its two-hundred day moving average price is $28.78. The company has a market capitalization of $6.72 billion, a PE ratio of 10.39 and a beta of 1.13. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS 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%. As a group, equities analysts forecast that Open Text Co. will post 3.45 earnings per share for the current fiscal year.
Open Text Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a $0.2625 dividend. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.11%. Open Text's dividend payout ratio (DPR) is presently 42.68%.
About Open Text
(
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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