Ameriprise Financial Inc. Sells 30,640 Shares of Open Text Co. (NASDAQ:OTEX)

Ameriprise Financial Inc. decreased its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 82.9% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 6,339 shares of the software maker's stock after selling 30,640 shares during the period. Ameriprise Financial Inc.'s holdings in Open Text were worth $180,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. AXA S.A. lifted its position in Open Text by 522.3% during the 4th quarter. AXA S.A. now owns 127,934 shares of the software maker's stock worth $3,623,000 after buying an additional 107,375 shares in the last quarter. Parvin Asset Management LLC bought a new stake in Open Text during the fourth quarter worth about $128,000. Guardian Capital LP raised its holdings in Open Text by 2.8% during the fourth quarter. Guardian Capital LP now owns 4,011,047 shares of the software maker's stock worth $113,454,000 after acquiring an additional 110,951 shares in the last quarter. Northern Trust Corp raised its stake in shares of Open Text by 31.4% during the 4th quarter. Northern Trust Corp now owns 151,281 shares of the software maker's stock worth $4,284,000 after purchasing an additional 36,123 shares in the last quarter. Finally, Beacon Pointe Advisors LLC raised its stake in shares of Open Text by 88.7% during the 4th quarter. Beacon Pointe Advisors LLC now owns 13,842 shares of the software maker's stock worth $392,000 after purchasing an additional 6,506 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OTEX. BMO Capital Markets dropped their price target on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a research report on Friday, May 2nd. Citigroup upped their target price on shares of Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a report on Friday, May 2nd. Scotiabank dropped their price objective 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. Barclays dropped their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Finally, Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $32.30.

Open Text Stock Performance

Shares of NASDAQ OTEX traded down $0.51 during trading hours on Friday, reaching $27.89. 992,932 shares of the stock were exchanged, compared to its average volume of 905,451. The firm has a market capitalization of $7.22 billion, a price-to-earnings ratio of 11.34 and a beta of 1.13. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $34.20. The stock's fifty day simple moving average is $26.67 and its 200 day simple moving average is $27.59.

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 earnings per share 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 analysts' expectations of $1.28 billion. During the same quarter last year, the business earned $0.94 EPS. The company's quarterly revenue was down 13.3% compared to the same quarter last year. Sell-side analysts predict that Open Text Co. will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm 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 dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date is Friday, June 6th. Open Text's dividend payout ratio is 42.86%.

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.