The Manufacturers Life Insurance Company decreased its holdings in shares of Open Text Corporation (NASDAQ:OTEX – Free Report) (TSE:OTC) by 4.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,210,601 shares of the software maker’s stock after selling 523,819 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 4.21% of Open Text worth $227,124,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of OTEX. Norges Bank bought a new position in shares of Open Text during the fourth quarter valued at approximately $106,700,000. First Trust Advisors LP boosted its position in Open Text by 27.3% during the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock valued at $374,394,000 after purchasing an additional 2,466,264 shares during the period. Morgan Stanley boosted its position in Open Text by 76.8% during the 4th quarter. Morgan Stanley now owns 2,884,381 shares of the software maker’s stock valued at $93,973,000 after purchasing an additional 1,253,405 shares during the period. Dimensional Fund Advisors LP grew its stake in Open Text by 48.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,592,578 shares of the software maker’s stock worth $96,914,000 after buying an additional 851,303 shares during the last quarter. Finally, Arbejdsmarkedets Tillaegspension acquired a new stake in Open Text in the fourth quarter worth $22,749,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on OTEX shares. UBS Group set a $25.00 price target on shares of Open Text in a report on Friday, May 8th. Wall Street Zen cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Citigroup cut their price objective on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Raymond James Financial decreased their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Finally, Royal Bank Of Canada dropped their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $33.67.
Open Text Trading Up 5.6%
NASDAQ:OTEX opened at $23.62 on Tuesday. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 11.52 and a beta of 1.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. Open Text Corporation has a 1 year low of $19.77 and a 1 year high of $39.90. The business has a fifty day moving average of $22.64 and a 200-day moving average of $23.97.
Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.82 earnings per share. Equities analysts predict that Open Text Corporation will post 4.05 earnings per share for the current year.
Open Text Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, June 5th. Open Text’s dividend payout ratio is currently 53.66%.
About Open Text
Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.
Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.
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