Clearbridge Investments LLC Sells 65,220 Shares of Open Text Co. (NASDAQ:OTEX)

Clearbridge Investments LLC lessened its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 2.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,833,612 shares of the software maker's stock after selling 65,220 shares during the quarter. Clearbridge Investments LLC owned about 1.07% of Open Text worth $80,248,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC bought a new stake in shares of Open Text in the fourth quarter worth $105,000. Arrowstreet Capital Limited Partnership boosted its position in Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after purchasing an additional 2,586,549 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Open Text by 24.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 155,945 shares of the software maker's stock valued at $4,411,000 after purchasing an additional 30,585 shares during the period. Norges Bank bought a new position in shares of Open Text in the 4th quarter worth approximately $93,216,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Open Text by 6.6% in the fourth quarter. JPMorgan Chase & Co. now owns 1,190,472 shares of the software maker's stock worth $33,714,000 after buying an additional 73,523 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

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Open Text Price Performance

OTEX stock traded down $0.72 during midday trading on Friday, hitting $24.13. The company's stock had a trading volume of 2,218,885 shares, compared to its average volume of 787,592. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 9.81 and a beta of 1.17. The company has a 50 day moving average of $27.05 and a two-hundred day moving average of $29.26. Open Text Co. has a 12 month low of $23.43 and a 12 month high of $37.77. The company has a quick ratio of 0.87, a current 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 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a $0.2625 dividend. The ex-dividend date was Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.35%. Open Text's payout ratio is 42.68%.

Analyst Ratings Changes

OTEX has been the subject of a number of research reports. Barclays upped their target price on shares of Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. Royal Bank of Canada reduced their price objective on Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a research note on Friday, February 7th. StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. TD Securities reduced their price target on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. Finally, UBS Group assumed coverage on Open Text in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $35.18.

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.