Open Text Co. (NASDAQ:OTEX) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE raised its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 91.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,602,313 shares of the software maker's stock after purchasing an additional 764,734 shares during the quarter. Bank of America Corp DE owned about 0.61% of Open Text worth $45,378,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. IFP Advisors Inc grew its position in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. raised its stake in Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares during the period. Aquatic Capital Management LLC purchased a new position in Open Text during the fourth quarter worth about $60,000. Generali Asset Management SPA SGR purchased a new position in Open Text during the fourth quarter worth about $62,000. Finally, Allworth Financial LP raised its stake in shares of Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock valued at $73,000 after acquiring an additional 439 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Citigroup boosted their price target on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday, May 2nd. Scotiabank lowered their target price on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. Barclays reduced their price target 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. BMO Capital Markets reduced their price target on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. Finally, UBS Group reduced their price target on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. One research 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $32.30.

Open Text Stock Performance

Open Text stock traded up $0.24 during trading hours on Tuesday, reaching $28.36. 144,036 shares of the stock were exchanged, compared to its average volume of 832,120. The stock has a market cap of $7.36 billion, a P/E ratio of 11.52 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 52-week low of $22.79 and a 52-week high of $34.20. The firm's 50 day moving average is $26.10 and its 200 day moving average is $27.67.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The business had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the prior year, the company posted $0.94 EPS. The business's revenue for the quarter was down 13.3% on a year-over-year basis. Analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a $0.2625 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a yield of 3.70%. Open Text's payout ratio is 42.86%.

About Open Text

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.