Allspring Global Investments Holdings LLC raised its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 12.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 187,565 shares of the software maker's stock after purchasing an additional 21,089 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.07% of Open Text worth $4,735,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc boosted its holdings in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares during the period. Versant Capital Management Inc bought a new stake in Open Text in the 1st quarter valued at $26,000. Parallel Advisors LLC lifted its holdings in shares of Open Text by 219.3% during the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after acquiring an additional 1,331 shares during the period. Aquatic Capital Management LLC bought a new position in shares of Open Text during the 4th quarter worth about $60,000. Finally, Generali Asset Management SPA SGR bought a new position in shares of Open Text during the 4th quarter worth about $62,000. 70.37% of the stock is owned by institutional investors.
Open Text Price Performance
Shares of NASDAQ OTEX traded down $0.12 during trading on Monday, reaching $29.87. The company had a trading volume of 90,280 shares, compared to its average volume of 940,427. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $34.20. The business's 50 day moving average price is $28.12 and its 200-day moving average price is $27.40. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $7.66 billion, a PE ratio of 12.18 and a beta of 1.13.
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 for the quarter, beating the consensus estimate of $0.81 by $0.01. Open Text had a net margin of 12.55% and a return on equity of 22.49%. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the business posted $0.94 earnings per share. Open Text's revenue was down 13.3% compared to the same quarter last year. Analysts expect that Open Text Corporation will post 3.45 earnings per share for the current year.
Open Text Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date was Friday, June 6th. Open Text's dividend payout ratio (DPR) is currently 42.86%.
Analysts Set New Price Targets
A number of research firms have recently commented on OTEX. Citigroup raised their price objective on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday, May 2nd. National Bankshares dropped their target price on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research report on Friday, April 25th. CIBC dropped their target price on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. 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, Barclays dropped their target price on shares of 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Open Text presently has a consensus rating of "Hold" and a consensus price target of $32.30.
Check Out Our Latest Stock Report on OTEX
Open Text Company Profile
(
Free Report)
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.
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