Lazard Asset Management LLC Acquires 27,049 Shares of Open Text Co. (NASDAQ:OTEX)

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

A number of other institutional investors have also recently made changes to their positions in OTEX. Choreo LLC purchased a new position in Open Text in the fourth quarter worth $564,000. Wedge Capital Management L L P NC bought a new stake in Open Text during the fourth quarter worth about $2,372,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Open Text by 30.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker's stock worth $4,705,000 after purchasing an additional 39,266 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Open Text by 5.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 19,921 shares of the software maker's stock valued at $563,000 after purchasing an additional 1,049 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Open Text during the 4th quarter valued at about $3,572,000. Institutional investors own 70.37% of the company's stock.

Wall Street Analyst Weigh In

OTEX has been the subject of several research reports. National Bankshares cut their target price on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research note on Friday, April 25th. Scotiabank cut their price objective on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. 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 research note on Friday, May 2nd. Finally, Citigroup raised their price objective on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research note on Friday, May 2nd. One equities 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $32.30.

Open Text Trading Down 0.6%

Shares of OTEX stock traded down $0.18 during mid-day trading on Friday, reaching $27.95. The stock had a trading volume of 761,038 shares, compared to its average volume of 842,395. The firm has a market capitalization of $7.24 billion, a PE ratio of 11.36 and a beta of 1.15. The stock's 50-day moving average price is $26.28 and its two-hundred day moving average price is $27.65. 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 52-week low of $22.79 and a 52-week high of $34.20.

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

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.2625 per share. The ex-dividend date is Friday, June 6th. This represents a $1.05 annualized dividend and a dividend yield of 3.76%. Open Text's dividend payout ratio (DPR) is presently 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.