Vanguard Group Inc. Decreases Holdings in Open Text Co. (NASDAQ:OTEX)

Vanguard Group Inc. lowered its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 0.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 10,511,765 shares of the software maker's stock after selling 53,108 shares during the period. Vanguard Group Inc. owned approximately 3.99% of Open Text worth $297,483,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc lifted its position in Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. lifted its holdings in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after buying an additional 398 shares during the period. Generali Asset Management SPA SGR bought a new position in shares of Open Text during the 4th quarter valued at $62,000. Allworth Financial LP boosted its stake in shares of Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after buying an additional 439 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new stake in shares of Open Text in the fourth quarter worth $138,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Price Performance

Shares of NASDAQ OTEX traded up $0.49 during mid-day trading on Tuesday, reaching $23.53. The company's stock had a trading volume of 721,276 shares, compared to its average volume of 794,120. The stock has a fifty day moving average of $26.94 and a two-hundred day moving average of $29.17. The firm has a market capitalization of $6.18 billion, a PE ratio of 9.59 and a beta of 1.13. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $37.77. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Remove Ads

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 earnings per share (EPS) for the quarter, beating 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%. As a group, sell-side analysts anticipate that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a $0.2625 dividend. This is an increase from Open Text's previous quarterly dividend of $0.26. 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 4.46%. Open Text's payout ratio is presently 42.68%.

Analyst Upgrades and Downgrades

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

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.