Lazard Asset Management LLC Has $1.52 Million Stake in Open Text Co. (NASDAQ:OTEX)

Lazard Asset Management LLC raised its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 101.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,656 shares of the software maker's stock after buying an additional 27,049 shares during the quarter. Lazard Asset Management LLC's holdings in Open Text were worth $1,519,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in 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 acquiring an additional 398 shares during the last quarter. Allworth Financial LP boosted its stake in Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock valued at $73,000 after buying an additional 439 shares in the last quarter. IFP Advisors Inc grew its position in 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 acquiring an additional 515 shares during the last quarter. DGS Capital Management LLC raised its stake in Open Text by 2.0% during 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 in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings 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 worth $1,857,000 after acquiring an additional 947 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OTEX has been the topic of several research reports. Scotiabank decreased their price target on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. National Bankshares cut their target price on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Friday, April 25th. UBS Group lowered their price target on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. BMO Capital Markets cut their price objective on Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a report on Friday, May 2nd. Finally, Royal Bank of Canada reduced their price objective on Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $32.30.

Open Text Trading Up 0.4%

NASDAQ OTEX traded up $0.11 on Thursday, reaching $28.13. The company had a trading volume of 616,187 shares, compared to its average volume of 837,803. The firm has a market cap of $7.29 billion, a price-to-earnings ratio of 11.43 and a beta of 1.15. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $34.20. The business has a 50 day moving average of $26.20 and a two-hundred day moving average of $27.67.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings results 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 23.23% and a net margin of 12.21%. The company had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. The business's quarterly revenue was down 13.3% on a year-over-year basis. Analysts forecast that Open Text Co. will post 3.45 EPS for the current year.

Open Text Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.2625 per share. The ex-dividend date is Friday, June 6th. This represents a $1.05 annualized dividend and a yield of 3.73%. Open Text's payout ratio is 42.86%.

Open Text 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.