Open Text Co. (NASDAQ:OTEX) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp cut its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 9.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,383,106 shares of the software maker's stock after selling 543,432 shares during the quarter. Mackenzie Financial Corp owned about 2.04% of Open Text worth $152,178,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. JARISLOWSKY FRASER Ltd raised its stake in Open Text by 11.8% during the 4th 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 increased its stake in Open Text by 9.5% in the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock valued at $205,925,000 after buying an additional 632,437 shares during the period. Cooke & Bieler LP raised its position in Open Text by 6.6% during the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock worth $178,670,000 after buying an additional 389,220 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock valued at $169,555,000 after purchasing an additional 2,586,549 shares during the period. Finally, Turtle Creek Asset Management Inc. boosted its holdings in Open Text by 2.1% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock valued at $151,985,000 after purchasing an additional 109,550 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Up 1.8%

Shares of NASDAQ OTEX traded up $0.49 during midday trading on Tuesday, reaching $28.44. 2,210,058 shares of the company's stock were exchanged, compared to its average volume of 847,866. The stock has a market capitalization of $7.37 billion, a PE ratio of 11.56 and a beta of 1.15. Open Text Co. has a 52-week low of $22.79 and a 52-week high of $34.20. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The business's fifty day moving average price is $26.35 and its two-hundred day moving average price is $27.63.

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

Open Text Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be given a $0.2625 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 annualized dividend and a yield of 3.69%. Open Text's dividend payout ratio is presently 42.86%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on OTEX shares. UBS Group decreased their target price on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Scotiabank cut their price target 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 cut 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 report on Monday, April 21st. National Bankshares cut their price target on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. Finally, 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 report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Open Text has a consensus rating of "Hold" and a consensus price target of $32.30.

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.