Value Partners Investments Inc. Sells 2,157,266 Shares of Open Text Co. (NASDAQ:OTEX)

Value Partners Investments Inc. lowered its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 92.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 184,900 shares of the software maker's stock after selling 2,157,266 shares during the period. Open Text comprises approximately 2.9% of Value Partners Investments Inc.'s holdings, making the stock its 12th largest position. Value Partners Investments Inc. owned 0.07% of Open Text worth $5,227,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted 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 buying an additional 398 shares in the last quarter. Allworth Financial LP grew 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 valued at $73,000 after purchasing an additional 439 shares in the last quarter. IFP Advisors Inc raised its holdings in Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after buying an additional 515 shares during the period. DGS Capital Management LLC boosted its position in Open Text by 2.0% in the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock valued at $750,000 after buying an additional 530 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Open Text by 1.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock valued at $1,857,000 after purchasing an additional 947 shares during the period. Institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

OTEX has been the subject of a number of research reports. Barclays lowered their price objective on shares of 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. BMO Capital Markets decreased their target price 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. Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. CIBC lowered their target price 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. Finally, TD Securities cut their price objective on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a report on Sunday, February 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $32.30.

Open Text Stock Up 0.2%

OTEX stock traded up $0.05 during trading on Friday, hitting $28.07. 428,557 shares of the company's stock were exchanged, compared to its average volume of 850,854. The business has a 50-day moving average price of $26.39 and a two-hundred day moving average price of $27.64. 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 has a market capitalization of $7.27 billion, a price-to-earnings ratio of 11.42 and a beta of 1.15. Open Text Co. has a 52-week low of $22.79 and a 52-week high of $34.20.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The business's revenue was down 13.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.94 earnings per share. As a group, equities research analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be given a dividend of $0.2625 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a yield of 3.74%. Open Text's payout ratio is 42.86%.

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.