State of Tennessee Department of Treasury Sells 805 Shares of Open Text Co. (NASDAQ:OTEX)

State of Tennessee Department of Treasury decreased its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 152,806 shares of the software maker’s stock after selling 805 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Open Text were worth $4,322,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Choreo LLC acquired a new position in Open Text during the fourth quarter worth $564,000. Franklin Resources Inc. lifted its position in Open Text by 19.9% in the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock valued at $7,086,000 after acquiring an additional 34,135 shares in the last quarter. Canoe Financial LP increased its holdings in Open Text by 127.3% during the 4th quarter. Canoe Financial LP now owns 150,000 shares of the software maker’s stock worth $4,242,000 after purchasing an additional 84,000 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Open Text in the fourth quarter worth approximately $2,372,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Open Text by 30.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker’s stock valued at $4,705,000 after purchasing an additional 39,266 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Up 0.5 %

OTEX stock opened at $27.00 on Friday. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $36.25. The stock has a fifty day moving average of $25.76 and a 200-day moving average of $28.39. The company has a market capitalization of $7.01 billion, a price-to-earnings ratio of 10.98 and a beta of 1.13. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate 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, equities research analysts predict that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.89%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text’s payout ratio is presently 42.68%.

Wall Street Analysts Forecast Growth

OTEX has been the subject of a number of analyst reports. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. TD Securities lowered their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Barclays reduced their price objective on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. National Bankshares cut their target price on Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Friday. Finally, Royal Bank of Canada decreased their price target on Open Text from $31.00 to $30.00 and set a “sector perform” rating for the company in a research report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Open Text currently has an average rating of “Hold” and an average target price of $34.09.

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.