Wells Fargo & Company MN Sells 13,169 Shares of Open Text Co. (NASDAQ:OTEX)

Wells Fargo & Company MN trimmed its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 7.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 164,051 shares of the software maker's stock after selling 13,169 shares during the quarter. Wells Fargo & Company MN owned about 0.06% of Open Text worth $4,646,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Cooke & Bieler LP grew its stake in Open Text by 6.6% in the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock valued at $178,670,000 after buying an additional 389,220 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in 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 valued at $169,555,000 after acquiring an additional 2,586,549 shares during the period. Brandes Investment Partners LP grew its position 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 purchasing an additional 1,017,065 shares during the last quarter. Norges Bank bought a new position in shares of Open Text in the fourth quarter worth about $93,216,000. Finally, Geode Capital Management LLC lifted its position in shares of Open Text by 25.1% during the 4th quarter. Geode Capital Management LLC now owns 1,748,435 shares of the software maker's stock worth $49,604,000 after purchasing an additional 350,582 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on OTEX shares. Citigroup raised their target price on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, February 7th. StockNews.com downgraded shares of Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. 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 note on Sunday, February 9th. Barclays decreased their price target on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Monday. Finally, Royal Bank of Canada dropped their price objective on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a report on Tuesday. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $34.45.

Open Text Price Performance

NASDAQ:OTEX traded up $0.43 during mid-day trading on Wednesday, hitting $25.90. The company's stock had a trading volume of 649,006 shares, compared to its average volume of 819,067. The company has a market capitalization of $6.72 billion, a price-to-earnings ratio of 10.53 and a beta of 1.13. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $36.39. The stock has a fifty day moving average of $25.86 and a 200-day moving average of $28.50.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. As a group, equities analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 4.05%. The ex-dividend date was Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's payout ratio is currently 42.68%.

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.