Thornburg Investment Management Inc. Purchases 18,004 Shares of Open Text Co. (NASDAQ:OTEX)

Thornburg Investment Management Inc. grew its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 11.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,866 shares of the software maker's stock after purchasing an additional 18,004 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.07% of Open Text worth $4,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. IFP Advisors Inc boosted its position in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. boosted its position in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares during the period. Aquatic Capital Management LLC bought a new position in shares of Open Text in the fourth quarter worth approximately $60,000. Generali Asset Management SPA SGR purchased a new position in shares of Open Text in the fourth quarter worth $62,000. Finally, Allworth Financial LP lifted its holdings in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after buying an additional 439 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Trading Up 0.6%

Shares of OTEX opened at $28.14 on Monday. Open Text Co. has a twelve month low of $22.79 and a twelve month high of $34.20. The company has a market cap of $7.31 billion, a P/E ratio of 11.44 and a beta of 1.15. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The company's fifty day simple moving average is $26.04 and its 200-day simple moving average is $27.69.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results 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 12.21% and a return on equity of 23.23%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. The business's revenue for the quarter was down 13.3% on a year-over-year basis. As a group, analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Announces Dividend

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 issued 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 of this dividend is Friday, June 6th. Open Text's payout ratio is presently 42.86%.

Analyst Ratings Changes

OTEX has been the topic of several research analyst reports. Citigroup boosted their target price 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. Royal Bank of Canada lowered their target price on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 22nd. 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 report on Friday, April 25th. BMO Capital Markets lowered their target price on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a report on Friday, May 2nd. Finally, StockNews.com raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. One equities research 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 data from MarketBeat.com, Open Text presently has an average rating of "Hold" and a consensus price target of $32.30.

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.

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