Millennium Management LLC Decreases Stake in Open Text Co. (NASDAQ:OTEX)

Millennium Management LLC lessened its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 98.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund 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.

A number of other large investors also recently bought and sold shares of the company. Choreo LLC acquired a new stake in Open Text in the 4th quarter valued at approximately $564,000. Wilmington Savings Fund Society FSB raised its position in shares of Open Text by 15.2% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 17,253 shares of the software maker's stock worth $489,000 after purchasing an additional 2,270 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Open Text by 30.9% during the fourth 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 during the period. Louisbourg Investments Inc. raised its position in shares of Open Text by 2.9% during the fourth quarter. Louisbourg Investments Inc. now owns 116,174 shares of the software maker's stock worth $3,286,000 after purchasing an additional 3,239 shares during the period. Finally, Vontobel Holding Ltd. boosted its position in shares of Open Text by 6.5% in the fourth quarter. Vontobel Holding Ltd. now owns 59,351 shares of the software maker's stock worth $1,677,000 after buying an additional 3,600 shares during the period. Institutional investors own 70.37% of the company's stock.

Open Text Trading Down 2.6%

Shares of NASDAQ:OTEX traded down $0.76 during mid-day trading on Friday, hitting $28.26. The company had a trading volume of 1,479,721 shares, compared to its average volume of 915,403. 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 firm has a fifty day moving average price of $27.11 and a 200 day moving average price of $27.55. The company has a market capitalization of $7.32 billion, a PE ratio of 11.49 and a beta of 1.13. Open Text Co. has a one year low of $22.79 and a one year high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates 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 for the quarter was down 13.3% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. As a group, research 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. Shareholders of record on Friday, June 6th will be paid a $0.2625 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.05 annualized dividend and a yield of 3.72%. Open Text's dividend payout ratio (DPR) is 42.86%.

Analyst Ratings Changes

A number of research analysts have commented on OTEX shares. BMO Capital Markets lowered their target price on Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a research note on Friday, May 2nd. Barclays cut their price target on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Royal Bank of Canada dropped their target price on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a report on Tuesday, April 22nd. Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Finally, National Bankshares decreased their price target on 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. 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 stock. According to data from MarketBeat, Open Text currently has a consensus rating of "Hold" and a consensus price target 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.