Turtle Creek Asset Management Inc. Buys 109,550 Shares of Open Text Co. (NASDAQ:OTEX)

Turtle Creek Asset Management Inc. grew its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 2.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,366,703 shares of the software maker's stock after purchasing an additional 109,550 shares during the quarter. Open Text makes up about 4.0% of Turtle Creek Asset Management Inc.'s portfolio, making the stock its 10th biggest holding. Turtle Creek Asset Management Inc. owned 2.03% of Open Text worth $151,985,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Open Text in the fourth quarter valued at approximately $93,216,000. Arrowstreet Capital Limited Partnership grew its stake in Open Text by 75.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock valued at $169,555,000 after acquiring an additional 2,586,549 shares during the period. JARISLOWSKY FRASER Ltd increased its holdings in Open Text by 11.8% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock worth $522,879,000 after acquiring an additional 1,957,695 shares in the last quarter. Criteria Caixa S.A.U. purchased a new position in Open Text during the fourth quarter valued at $32,890,000. Finally, Brandes Investment Partners LP grew its position in shares of Open Text by 29.2% in the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock valued at $127,557,000 after purchasing an additional 1,017,065 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on OTEX shares. UBS Group reduced their target price 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 lowered their target price on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research note on Friday, April 25th. Royal Bank of Canada reduced their target price 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. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Finally, TD Securities cut their price objective on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a report on Sunday, February 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Open Text has a consensus rating of "Hold" and an average price target of $32.30.

Open Text Trading Down 0.4%

NASDAQ OTEX traded down $0.13 on Friday, reaching $28.01. The stock had a trading volume of 253,776 shares, compared to its average volume of 836,997. 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 stock has a fifty day moving average price of $26.24 and a two-hundred day moving average price of $27.67. Open Text Co. has a 12-month low of $22.79 and a 12-month high of $34.20. The firm has a market capitalization of $7.26 billion, a price-to-earnings ratio of 11.38 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. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Open Text's revenue was down 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 EPS. As a group, sell-side analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

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