Geode Capital Management LLC grew its position in shares of Open Text Corporation (NASDAQ:OTEX – Free Report) (TSE:OTC) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,680,546 shares of the software maker’s stock after purchasing an additional 143,996 shares during the quarter. Geode Capital Management LLC’s holdings in Open Text were worth $88,929,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in OTEX. CIBC Private Wealth Group LLC bought a new position in Open Text during the 3rd quarter worth approximately $33,000. WealthCollab LLC raised its holdings in Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares during the last quarter. Osaic Holdings Inc. raised its holdings in Open Text by 108.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after purchasing an additional 570 shares during the last quarter. Finally, Global Retirement Partners LLC raised its holdings in Open Text by 573.3% during the 4th quarter. Global Retirement Partners LLC now owns 1,919 shares of the software maker’s stock worth $63,000 after purchasing an additional 1,634 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.
Open Text Stock Performance
NASDAQ OTEX opened at $23.12 on Monday. The company has a fifty day simple moving average of $22.95 and a 200 day simple moving average of $26.75. Open Text Corporation has a 12-month low of $20.00 and a 12-month high of $39.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.56. The company has a market cap of $5.61 billion, a P/E ratio of 11.28 and a beta of 1.05.
Open Text Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, June 5th. Open Text’s payout ratio is 53.66%.
Wall Street Analyst Weigh In
OTEX has been the subject of several analyst reports. Citigroup lowered their price target on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, May 8th. Barclays lifted their price objective on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. UBS Group set a $25.00 price objective on shares of Open Text in a research note on Friday, May 8th. Raymond James Financial lowered their price objective on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Finally, Scotia lowered their price objective on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company 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, Open Text has an average rating of “Hold” and a consensus price target of $33.67.
Read Our Latest Stock Analysis on Open Text
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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