Cooke & Bieler LP Sells 203,833 Shares of Open Text Corporation (NASDAQ:OTEX)

Cooke & Bieler LP lessened its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 3.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,105,134 shares of the software maker's stock after selling 203,833 shares during the quarter. Open Text comprises approximately 1.5% of Cooke & Bieler LP's investment portfolio, making the stock its 22nd biggest holding. Cooke & Bieler LP owned approximately 2.35% of Open Text worth $154,216,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. JARISLOWSKY FRASER Ltd boosted 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 acquiring an additional 1,957,695 shares during the last quarter. First Trust Advisors LP grew its position in shares of Open Text by 9.5% during the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock worth $205,925,000 after buying an additional 632,437 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after buying an additional 2,586,549 shares during the last quarter. Turtle Creek Asset Management Inc. raised its stake in shares of Open Text by 2.1% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock worth $151,985,000 after buying an additional 109,550 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. boosted its stake in Open Text by 1.1% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 4,348,755 shares of the software maker's stock valued at $123,006,000 after acquiring an additional 49,065 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

OTEX has been the subject of several recent research reports. CIBC dropped their target price on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Royal Bank Of Canada dropped their price objective on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a report on Tuesday, April 22nd. Barclays lowered their price target on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. BMO Capital Markets lowered their target price on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research note on Friday, May 2nd. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Open Text in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $32.30.

Open Text Stock Down 0.8%

NASDAQ:OTEX traded down $0.23 during trading hours on Friday, reaching $28.46. 483,490 shares of the stock were exchanged, compared to its average volume of 958,934. The firm has a 50 day moving average of $28.51 and a 200 day moving average of $27.45. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $7.30 billion, a PE ratio of 11.62 and a beta of 1.13. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The company had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter last year, the company earned $0.94 EPS. Open Text's revenue for the quarter was down 13.3% compared to the same quarter last year. On average, equities analysts expect that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a dividend of $0.2625 per share. The ex-dividend date was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a yield of 3.69%. Open Text's payout ratio is 42.86%.

Open Text Company 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.