Russell Investments Group Ltd. lifted its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 4.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 351,382 shares of the software maker's stock after acquiring an additional 15,357 shares during the quarter. Russell Investments Group Ltd. owned 0.13% of Open Text worth $9,943,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in OTEX. Norges Bank purchased a new stake in Open Text during the 4th quarter worth approximately $93,216,000. Arrowstreet Capital Limited Partnership increased its position in shares of Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after acquiring an additional 2,586,549 shares during the period. Brandes Investment Partners LP raised its stake in shares of Open Text by 29.2% in the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock valued at $127,557,000 after acquiring an additional 1,017,065 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in Open Text by 84.3% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,297,772 shares of the software maker's stock valued at $36,738,000 after purchasing an additional 593,447 shares during the period. Finally, Cooke & Bieler LP grew its stake in Open Text by 6.6% during the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock worth $178,670,000 after purchasing an additional 389,220 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on OTEX. Royal Bank of Canada lowered 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. Citigroup raised 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. Barclays increased their target price on Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Finally, TD Securities decreased their target price 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. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Open Text has a consensus rating of "Hold" and a consensus target price of $35.18.
View Our Latest Stock Analysis on OTEX
Open Text Stock Performance
Shares of OTEX traded down $0.12 during mid-day trading on Thursday, hitting $25.45. 156,527 shares of the company's stock were exchanged, compared to its average volume of 811,162. The business's 50 day moving average is $26.13 and its two-hundred day moving average is $28.74. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $6.69 billion, a P/E ratio of 10.35 and a beta of 1.13. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $36.39.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings data 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%. On average, equities analysts expect that Open Text Co. will post 3.45 earnings per share for the current year.
Open Text Increases Dividend
The firm also recently announced 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 of this dividend was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a yield of 4.13%. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio (DPR) is 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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