UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 11.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 404,469 shares of the software maker's stock after selling 50,369 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.15% of Open Text worth $11,455,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Squarepoint Ops LLC bought a new stake in shares of Open Text during the 4th quarter valued at $372,000. Twinbeech Capital LP purchased a new stake in Open Text during the fourth quarter valued at approximately $360,000. Two Sigma Investments LP boosted its stake in shares of Open Text by 483.2% during the 4th quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker's stock worth $2,065,000 after purchasing an additional 60,406 shares during the period. Tidal Investments LLC boosted its holdings in Open Text by 38.8% during the 4th quarter. Tidal Investments LLC now owns 18,238 shares of the software maker's stock valued at $516,000 after acquiring an additional 5,100 shares during the period. Finally, Turtle Creek Asset Management Inc. increased its stake in Open Text by 2.1% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock worth $151,985,000 after buying an additional 109,550 shares during the period. Institutional investors own 70.37% of the company's stock.
Analyst Ratings Changes
Several brokerages recently issued reports on OTEX. Barclays cut their price objective on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Scotiabank reduced their price target on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. CIBC dropped their price objective on Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. UBS Group reduced their target price on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Finally, TD Securities lowered their price target on shares of Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Sunday, February 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Open Text currently has a consensus rating of "Hold" and a consensus target price of $32.30.
View Our Latest Report on OTEX
Open Text Stock Performance
Shares of NASDAQ:OTEX traded up $0.10 on Wednesday, hitting $28.46. 1,176,915 shares of the company were exchanged, compared to its average volume of 863,818. 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 stock's 50 day moving average price is $26.49 and its 200 day moving average price is $27.58. Open Text Co. has a 1-year low of $22.79 and a 1-year high of $34.20. The firm has a market capitalization of $7.37 billion, a P/E ratio of 11.57 and a beta of 1.15.
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 analysts' consensus estimates of $0.81 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The firm's revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 EPS. Sell-side analysts predict that Open Text Co. will post 3.45 EPS for the current year.
Open Text Announces Dividend
The firm also recently disclosed 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. The ex-dividend date is Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.69%. Open Text's payout ratio is currently 42.86%.
Open Text 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.
Further Reading
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