Man Group plc Buys 105,315 Shares of Open Text Co. (NASDAQ:OTEX)

Man Group plc lifted its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 64.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 269,736 shares of the software maker's stock after acquiring an additional 105,315 shares during the quarter. Man Group plc owned approximately 0.10% of Open Text worth $7,630,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. IFP Advisors Inc boosted its stake in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. boosted its stake in Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares during the period. Aquatic Capital Management LLC bought a new position in Open Text in the 4th quarter worth approximately $60,000. Generali Asset Management SPA SGR bought a new position in Open Text in the 4th quarter worth approximately $62,000. Finally, Allworth Financial LP boosted its stake in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after purchasing an additional 439 shares during the period. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Performance

OTEX stock opened at $28.12 on Tuesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The business's fifty day simple moving average is $26.10 and its two-hundred day simple moving average is $27.67. Open Text Co. has a twelve month low of $22.79 and a twelve month high of $34.20. The firm has a market cap of $7.30 billion, a price-to-earnings ratio of 11.43 and a beta of 1.15.

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 analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the firm posted $0.94 earnings per share. The business's revenue was down 13.3% compared to the same quarter last year. Analysts predict that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OTEX. UBS Group lowered their target price on Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. National Bankshares lowered their target price on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research report on Friday, April 25th. StockNews.com upgraded Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. CIBC decreased their price target on Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Finally, Scotiabank decreased their price target on Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. One equities research 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.

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.

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