Northern Trust Corp Purchases 36,123 Shares of Open Text Co. (NASDAQ:OTEX)

Northern Trust Corp increased its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 31.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 151,281 shares of the software maker's stock after buying an additional 36,123 shares during the period. Northern Trust Corp owned 0.06% of Open Text worth $4,284,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in OTEX. Norges Bank acquired a new position in Open Text during the fourth quarter worth $93,216,000. Arrowstreet Capital Limited Partnership increased its holdings in Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after buying an additional 2,586,549 shares during the last quarter. Criteria Caixa S.A.U. acquired a new position in Open Text during the fourth quarter worth $32,890,000. Brandes Investment Partners LP increased its holdings in Open Text by 29.2% during the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock worth $127,557,000 after buying an additional 1,017,065 shares during the last quarter. Finally, First Trust Advisors LP increased 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 worth $205,925,000 after buying an additional 632,437 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on OTEX. Citigroup boosted their target price on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday, May 2nd. CIBC lowered their target price on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. BMO Capital Markets lowered their target price on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a report on Friday, May 2nd. National Bankshares decreased their price objective on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a report on Friday, April 25th. Finally, Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. 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. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $32.30.

Open Text Stock Performance

Shares of Open Text stock traded down $0.18 during trading on Friday, reaching $27.95. The company's stock had a trading volume of 761,038 shares, compared to its average volume of 840,719. The business's 50-day moving average price is $26.28 and its 200-day moving average price is $27.65. The firm has a market cap of $7.24 billion, a PE ratio of 11.36 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 quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results 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 company had revenue of $1.25 billion during 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%. Open Text's quarterly revenue was down 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 earnings per share. Equities analysts forecast that Open Text Co. will post 3.45 earnings per share for the current 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 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 3.76%. Open Text's payout ratio 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.