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

Public Employees Retirement System of Ohio lifted 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 filing with the Securities and Exchange Commission. The institutional investor 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.

Several other hedge funds and other institutional investors have also modified their holdings of OTEX. Choreo LLC acquired a new position in Open Text during the fourth quarter worth $564,000. Allspring Global Investments Holdings LLC increased its position in shares of Open Text by 30.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker's stock worth $4,705,000 after purchasing an additional 39,266 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Open Text during the 4th quarter worth about $3,572,000. BNP Paribas Financial Markets lifted its holdings in Open Text by 154.5% during the 4th quarter. BNP Paribas Financial Markets now owns 28,233 shares of the software maker's stock valued at $800,000 after purchasing an additional 17,140 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its position in Open Text by 6.5% in the fourth quarter. Vontobel Holding Ltd. now owns 59,351 shares of the software maker's stock valued at $1,677,000 after buying an additional 3,600 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Trading Up 0.3%

NASDAQ:OTEX traded up $0.09 on Tuesday, hitting $28.17. 243,928 shares of the stock were exchanged, compared to its average volume of 856,684. 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 52 week low of $22.79 and a 52 week high of $34.20. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 11.45 and a beta of 1.15. The company's 50-day moving average price is $26.46 and its 200 day moving average price is $27.58.

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 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 company had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the previous year, the company earned $0.94 EPS. Open Text's revenue was down 13.3% on a year-over-year basis. On average, equities research analysts forecast that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Friday, June 6th. Open Text's dividend payout ratio (DPR) is currently 42.86%.

Analysts Set New Price Targets

OTEX has been the subject of several recent analyst reports. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. UBS Group decreased their price target on Open Text from $32.00 to $28.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Royal Bank of Canada cut their price objective on 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. CIBC decreased their target price on Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Finally, TD Securities cut their price target on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a report on Sunday, February 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus 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.