Open Text Corporation (NASDAQ:OTEX) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 12.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 187,565 shares of the software maker's stock after buying an additional 21,089 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.07% of Open Text worth $4,735,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OTEX. JARISLOWSKY FRASER Ltd grew its holdings in Open Text by 11.8% during the fourth 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 during the period. First Trust Advisors LP grew its holdings in Open Text by 9.5% during the fourth quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock worth $205,925,000 after acquiring an additional 632,437 shares during the period. Cooke & Bieler LP grew its holdings in Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock worth $178,670,000 after acquiring an additional 389,220 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after acquiring an additional 2,586,549 shares during the period. Finally, Turtle Creek Asset Management Inc. grew its holdings in Open Text by 2.1% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock worth $151,985,000 after acquiring an additional 109,550 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Trading Down 4.4%

OTEX stock traded down $1.32 during trading on Wednesday, reaching $28.87. 3,483,039 shares of the stock traded hands, compared to its average volume of 956,899. The business's 50 day moving average price is $28.27 and its 200-day moving average price is $27.44. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $34.20. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $7.41 billion, a PE ratio of 11.78 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the business earned $0.94 earnings per share. The firm's quarterly revenue was down 13.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend was Friday, June 6th. Open Text's dividend payout ratio (DPR) is presently 42.86%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. UBS Group dropped their price objective on Open Text from $32.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Citigroup upped their price objective on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday, May 2nd. Barclays reduced their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. BMO Capital Markets reduced their price objective on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a report on Friday, May 2nd. Finally, Royal Bank Of Canada reduced their price objective on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price 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.