Millennium Management LLC Has $269,000 Stake in Open Text Co. (NASDAQ:OTEX)

Millennium Management LLC lowered its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 98.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,508 shares of the software maker's stock after selling 780,164 shares during the period. Millennium Management LLC's holdings in Open Text were worth $269,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of OTEX. JARISLOWSKY FRASER Ltd grew its stake 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 purchasing an additional 1,957,695 shares in the last quarter. First Trust Advisors LP boosted its holdings in Open Text by 9.5% during the fourth quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock valued at $205,925,000 after acquiring an additional 632,437 shares during the period. Cooke & Bieler LP grew its holdings in Open Text by 6.6% in the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock valued at $178,670,000 after buying an additional 389,220 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of 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 worth $169,555,000 after acquiring an additional 2,586,549 shares during the last quarter. Finally, Brandes Investment Partners LP grew its position in Open Text by 29.2% in the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock worth $127,557,000 after purchasing an additional 1,017,065 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. National Bankshares reduced their price objective 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. UBS Group reduced their price objective 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. Scotiabank decreased their price objective 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. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Finally, Citigroup lifted their price objective on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research report on Friday, May 2nd. One research 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's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $32.30.

Open Text Trading Up 0.9%

Shares of NASDAQ OTEX traded up $0.25 during mid-day trading on Thursday, hitting $29.02. The company's stock had a trading volume of 1,108,058 shares, compared to its average volume of 912,595. Open Text Co. has a one year low of $22.79 and a one year high of $34.20. The company's fifty day simple moving average is $26.89 and its 200-day simple moving average is $27.57. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market cap of $7.52 billion, a price-to-earnings ratio of 11.80 and a beta of 1.13.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The business's revenue for the quarter was down 13.3% on a year-over-year basis. During the same period last year, the firm earned $0.94 earnings per share. On average, sell-side analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Announces Dividend

The company also recently declared 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 is Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.62%. Open Text's dividend 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.