UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Lowers Stock Position in Open Text Co. (NASDAQ:OTEX)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 11.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 454,838 shares of the software maker's stock after selling 56,024 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.17% of Open Text worth $15,137,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. AustralianSuper Pty Ltd acquired a new position in Open Text during the third quarter worth $8,011,000. The Manufacturers Life Insurance Company increased its stake in shares of Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker's stock worth $187,952,000 after purchasing an additional 63,620 shares during the last quarter. Natixis Advisors LLC bought a new stake in shares of Open Text in the 3rd quarter valued at about $1,467,000. Access Investment Management LLC acquired a new stake in Open Text in the 3rd quarter valued at about $6,509,000. Finally, Ontario Teachers Pension Plan Board increased its position in Open Text by 105.8% during the third quarter. Ontario Teachers Pension Plan Board now owns 39,885 shares of the software maker's stock worth $1,328,000 after buying an additional 20,503 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays cut their price objective on Open Text from $36.00 to $34.00 and set an "equal weight" rating for the company in a research report on Friday, November 1st. Scotiabank reduced their price objective on shares of Open Text from $40.00 to $35.00 and set a "sector perform" rating for the company in a research report on Friday, November 1st. BMO Capital Markets dropped their price objective on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a research report on Friday, November 1st. Citigroup reduced their target price on shares of Open Text from $34.00 to $33.00 and set a "neutral" rating for the company in a report on Friday, November 1st. Finally, TD Securities lowered their price target on shares of Open Text from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Eight 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, the stock presently has an average rating of "Hold" and an average price target of $35.90.

Open Text Price Performance

NASDAQ OTEX traded down $0.98 during midday trading on Friday, hitting $30.67. The company had a trading volume of 614,003 shares, compared to its average volume of 722,718. The company has a market capitalization of $8.15 billion, a PE ratio of 17.73 and a beta of 1.11. The firm has a 50-day moving average price of $31.46 and a 200-day moving average price of $31.02. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the company earned $0.90 earnings per share. The business's revenue was down 11.0% on a year-over-year basis. As a group, analysts anticipate that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be paid a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.42%. Open Text's dividend payout ratio is 60.69%.

Open Text 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.