Public Employees Retirement System of Ohio Buys 95,058 Shares of Open Text Co. (NASDAQ:OTEX)

Public Employees Retirement System of Ohio increased its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 208.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,726 shares of the software maker's stock after buying an additional 95,058 shares during the period. Public Employees Retirement System of Ohio owned about 0.05% of Open Text worth $3,985,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Open Text in the fourth quarter valued at about $93,216,000. Arrowstreet Capital Limited Partnership lifted its holdings in Open Text by 75.9% in 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 last quarter. JARISLOWSKY FRASER Ltd boosted its stake in Open Text by 11.8% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock valued at $522,879,000 after acquiring an additional 1,957,695 shares during the period. Criteria Caixa S.A.U. bought a new position in shares of Open Text during the fourth quarter valued at approximately $32,890,000. Finally, Brandes Investment Partners LP raised its position in shares of Open Text by 29.2% during the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock worth $127,557,000 after purchasing an additional 1,017,065 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on OTEX shares. Barclays lowered their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Royal Bank of Canada decreased 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. BMO Capital Markets reduced their price target on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. UBS Group decreased their price target on Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Finally, CIBC cut their price objective on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $32.30.

Open Text Price Performance

NASDAQ OTEX traded up $0.28 on Tuesday, reaching $28.36. The company's stock had a trading volume of 1,395,247 shares, compared to its average volume of 862,423. The firm's 50 day moving average is $26.49 and its two-hundred day moving average is $27.58. The stock has a market cap of $7.34 billion, a PE ratio of 11.53 and a beta of 1.15. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. Open Text Co. has a twelve month low of $22.79 and a twelve month high of $34.20.

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

Open Text Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be given a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.70%. The ex-dividend date of this dividend is Friday, June 6th. Open Text's dividend payout ratio is currently 42.86%.

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.