Open Text Co. (NASDAQ:OTEX) Shares Purchased by Northern Trust Corp

Northern Trust Corp increased its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 31.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,281 shares of the software maker's stock after buying an additional 36,123 shares during the quarter. 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 (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTEX. Norges Bank purchased a new position in Open Text during the 4th quarter worth $93,216,000. Arrowstreet Capital Limited Partnership grew its stake in Open Text by 75.9% during the 4th 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. purchased a new position in Open Text during the 4th quarter worth $32,890,000. Brandes Investment Partners LP grew its stake in Open Text by 29.2% during the 4th 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 grew its stake in Open Text by 9.5% during the 4th 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 hedge funds and other institutional investors.

Open Text Trading Up 1.8%

OTEX traded up $0.49 during mid-day trading on Tuesday, hitting $28.44. 2,210,058 shares of the stock were exchanged, compared to its average volume of 847,866. The firm's fifty day moving average is $26.35 and its two-hundred day moving average is $27.63. Open Text Co. has a 1-year low of $22.79 and a 1-year high of $34.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market cap of $7.37 billion, a PE ratio of 11.56 and a beta of 1.15.

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

Open Text Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on OTEX shares. UBS Group decreased their price objective on Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. National Bankshares cut their price target on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. Barclays lowered their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Wall Street Zen raised Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. 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 research note on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, Open Text presently has an average rating of "Hold" and an average target price 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.