Royal Bank of Canada Has $201.48 Million Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Royal Bank of Canada lowered its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 33.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,114,395 shares of the software maker's stock after selling 3,563,047 shares during the quarter. Royal Bank of Canada owned about 2.70% of Open Text worth $201,480,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Man Group plc boosted its holdings in shares of Open Text by 64.1% during the 4th quarter. Man Group plc now owns 269,736 shares of the software maker's stock worth $7,630,000 after buying an additional 105,315 shares during the period. Occudo Quantitative Strategies LP bought a new stake in Open Text during the fourth quarter valued at about $310,000. Mork Capital Management LLC acquired a new stake in shares of Open Text in the fourth quarter valued at about $1,000,000. Lazard Asset Management LLC increased its stake in shares of Open Text by 101.7% in the fourth quarter. Lazard Asset Management LLC now owns 53,656 shares of the software maker's stock worth $1,519,000 after purchasing an additional 27,049 shares during the period. Finally, Letko Brosseau & Associates Inc. lifted its position in shares of Open Text by 1.1% during the 4th quarter. Letko Brosseau & Associates Inc. now owns 4,348,755 shares of the software maker's stock worth $123,006,000 after purchasing an additional 49,065 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Citigroup increased their price objective on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research report on Friday, May 2nd. BMO Capital Markets reduced their price target on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a report on Friday, May 2nd. UBS Group dropped their price objective on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Royal Bank of Canada cut their price objective on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 22nd. Finally, StockNews.com raised Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $32.30.

Open Text Price Performance

NASDAQ:OTEX traded down $0.33 on Wednesday, reaching $28.02. The stock had a trading volume of 892,759 shares, compared to its average volume of 838,689. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $7.26 billion, a P/E ratio of 11.39 and a beta of 1.15. Open Text Co. has a 1-year low of $22.79 and a 1-year high of $34.20. The stock has a fifty day moving average price of $26.20 and a 200-day moving average price of $27.67.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly 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 net margin of 12.21% and a return on equity of 23.23%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the company earned $0.94 EPS. The firm's quarterly revenue was down 13.3% on a year-over-year basis. Research analysts forecast that Open Text Co. will post 3.45 EPS for the current year.

Open Text Announces Dividend

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 issued a dividend of $0.2625 per share. The ex-dividend date is Friday, June 6th. This represents a $1.05 annualized dividend and a yield of 3.75%. Open Text's dividend payout ratio is currently 42.86%.

Open Text Company 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.