Open Text Co. (NASDAQ:OTEX) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. reduced its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 82.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after purchasing an additional 398 shares during the last quarter. Choreo LLC bought a new stake in shares of Open Text in the 4th quarter worth about $564,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Open Text during the 4th quarter worth about $2,810,000. Vest Financial LLC bought a new position in Open Text during the 4th quarter valued at about $267,000. Finally, Wilmington Savings Fund Society FSB lifted its stake in Open Text by 15.2% in 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 last quarter. 70.37% of the stock is owned by institutional investors.

Open Text Stock Performance

Open Text stock traded up $0.62 during mid-day trading on Tuesday, reaching $28.78. 1,444,155 shares of the company traded hands, compared to its average volume of 907,909. The firm's fifty day moving average is $26.79 and its two-hundred day moving average is $27.57. The company has a market capitalization of $7.45 billion, a price-to-earnings ratio of 11.70 and a beta of 1.13. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $34.20. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

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, 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 during the quarter, compared to analysts' expectations of $1.28 billion. During the same period last year, the business posted $0.94 earnings per share. The company's revenue for the quarter was down 13.3% compared to the same quarter last year. On average, equities research analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.65%. Open Text's payout ratio is currently 42.86%.

Wall Street Analysts Forecast Growth

OTEX has been the subject of a number of research analyst reports. BMO Capital Markets decreased their price target on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research note on Friday, May 2nd. CIBC reduced their target price on Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Scotiabank lowered their target price on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Royal Bank of Canada reduced their price target on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 22nd. Finally, Citigroup boosted their price objective on shares of 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 issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Open Text presently has an average rating of "Hold" and an average 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.