CANADA LIFE ASSURANCE Co Buys 22,351 Shares of Open Text Co. (NASDAQ:OTEX)

CANADA LIFE ASSURANCE Co boosted its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 12.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 207,032 shares of the software maker's stock after acquiring an additional 22,351 shares during the period. CANADA LIFE ASSURANCE Co owned 0.08% of Open Text worth $5,842,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. raised its position in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after purchasing an additional 398 shares during the period. Allworth Financial LP raised its holdings in Open Text by 20.7% during 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. IFP Advisors Inc lifted its position in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after acquiring an additional 515 shares in the last quarter. DGS Capital Management LLC boosted its holdings in shares of Open Text by 2.0% in the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock worth $750,000 after acquiring an additional 530 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Open Text by 1.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock valued at $1,857,000 after purchasing an additional 947 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on OTEX shares. Royal Bank of Canada cut their target price on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 22nd. Barclays decreased their price target on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Scotiabank decreased their target price on Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Monday. Citigroup lifted 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. Finally, National Bankshares cut their target price on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research report on Friday. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $33.64.

Open Text Stock Performance

OTEX stock remained flat at $27.04 during midday trading on Tuesday. The company's stock had a trading volume of 142,232 shares, compared to its average volume of 810,469. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a 12-month low of $22.79 and a 12-month high of $36.05. The company has a market capitalization of $7.02 billion, a PE ratio of 11.00 and a beta of 1.13. The firm has a 50 day moving average price of $25.76 and a 200 day moving average price of $28.27.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share 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%. Analysts predict that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a dividend of $0.2625 per share. 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. This represents a $1.05 dividend on an annualized basis and a yield of 3.88%. Open Text's dividend payout ratio is presently 42.68%.

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.