Numerai GP LLC Reduces Stock Position in Open Text Co. (NASDAQ:OTEX)

Numerai GP LLC lessened its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 78.5% during the fourth quarter, HoldingsChannel reports. The firm owned 11,020 shares of the software maker’s stock after selling 40,352 shares during the quarter. Numerai GP LLC’s holdings in Open Text were worth $312,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new position in Open Text during the fourth quarter worth about $93,216,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Open Text by 75.9% in 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 last quarter. JARISLOWSKY FRASER Ltd grew its holdings in Open Text by 11.8% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock valued at $522,879,000 after purchasing an additional 1,957,695 shares during the period. Criteria Caixa S.A.U. acquired a new position in Open Text during the fourth quarter worth approximately $32,890,000. Finally, Brandes Investment Partners LP raised its stake in Open Text by 29.2% during the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after purchasing an additional 1,017,065 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of NASDAQ:OTEX opened at $27.97 on Friday. The company has a market cap of $7.26 billion, a P/E ratio of 11.37 and a beta of 1.15. 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 Co. has a one year low of $22.79 and a one year high of $34.20. The business’s 50-day simple moving average is $25.99 and its 200 day simple moving average is $27.77.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Open Text’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter last year, the company earned $0.94 earnings per share. On average, sell-side analysts forecast that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Friday, June 6th. Open Text’s payout ratio is 42.86%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on OTEX shares. TD Securities dropped their price objective on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. National Bankshares dropped their price target on Open Text from $38.00 to $34.00 and set a “sector perform” rating for the company in a research note on Friday, April 25th. Royal Bank of Canada reduced their price objective on Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 22nd. Scotiabank decreased their target price on Open Text from $35.00 to $30.00 and set a “sector perform” rating for the company in a report on Monday, April 28th. Finally, BMO Capital Markets cut their price target on shares of Open Text from $30.00 to $28.00 and set a “market perform” rating on the stock in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus target price of $32.30.

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.