Royce & Associates LP Cuts Holdings in Open Text Co. (NASDAQ:OTEX)

Royce & Associates LP lessened its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 69.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 32,519 shares of the software maker's stock after selling 73,216 shares during the period. Royce & Associates LP's holdings in Open Text were worth $920,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BNP Paribas Financial Markets increased its holdings in shares of Open Text by 3.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock valued at $369,000 after acquiring an additional 351 shares during the period. Blue Trust Inc. grew its stake in Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after purchasing an additional 398 shares during the last quarter. Allworth Financial LP lifted its position in shares of Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock valued at $73,000 after buying an additional 439 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after buying an additional 515 shares in the last quarter. Finally, DGS Capital Management LLC grew its position in shares of Open Text by 2.0% in the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock worth $750,000 after buying an additional 530 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

OTEX has been the subject of several recent analyst reports. Barclays raised 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 boosted their target price on Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. TD Securities decreased their price target 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. Royal Bank of Canada cut their price objective on shares of Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a report on Friday, February 7th. Finally, UBS Group began coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $35.18.

Open Text Stock Performance

Shares of NASDAQ:OTEX traded down $0.34 during midday trading on Wednesday, reaching $26.82. The company's stock had a trading volume of 848,685 shares, compared to its average volume of 756,848. The firm has a market capitalization of $7.08 billion, a PE ratio of 10.90 and a beta of 1.17. The stock has a fifty day moving average of $27.49 and a 200 day moving average of $29.61. Open Text Co. has a twelve month low of $24.86 and a twelve month high of $39.87. 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 announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping 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, equities analysts expect that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders 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 yield of 3.91%. Open Text's payout ratio is presently 42.68%.

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.