Vanguard Group Inc. Sells 75,134 Shares of Open Text Corporation $OTEX

Key Points

• Vanguard trimmed its stake in Open Text by 0.6% in Q4, selling 75,134 shares and now holding 11,613,952 shares (about 4.61% of the company) valued at roughly $378.2 million.
• Analysts have reduced several price targets recently and the consensus rating is Hold with an average price target of $36.00.
• Open Text beat Q4 EPS estimates ($1.13 vs. $1.04) and reported $1.32B in revenue (down 0.6% y/y), while the stock trades around $23.03 with a market cap of $5.58 billion and a 12‑month range of $20.00–$39.90.

Vanguard Group Inc. lowered its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 0.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,613,952 shares of the software maker's stock after selling 75,134 shares during the period. Vanguard Group Inc. owned about 4.61% of Open Text worth $378,232,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of OTEX. Goldman Sachs Group Inc. boosted its position in Open Text by 75.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker's stock worth $36,307,000 after purchasing an additional 619,527 shares during the last quarter. United Services Automobile Association bought a new position in shares of Open Text during the 1st quarter valued at approximately $213,000. EverSource Wealth Advisors LLC grew its position in shares of Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker's stock valued at $59,000 after acquiring an additional 570 shares during the period. Cerity Partners LLC grew its position in shares of Open Text by 3.4% during the 2nd quarter. Cerity Partners LLC now owns 49,003 shares of the software maker's stock valued at $1,431,000 after acquiring an additional 1,612 shares during the period. Finally, Qube Research & Technologies Ltd grew its position in shares of Open Text by 16.8% during the 2nd quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker's stock valued at $1,360,000 after acquiring an additional 6,700 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

OTEX has been the subject of a number of research reports. Royal Bank Of Canada reduced their target price on shares of Open Text from $33.00 to $30.00 and set a "sector perform" rating for the company in a research report on Friday, February 6th. Citigroup reduced their target price on shares of Open Text from $36.00 to $26.00 and set a "neutral" rating for the company in a research report on Friday, February 6th. Canadian Imperial Bank of Commerce reduced their target price on shares of Open Text from $40.00 to $37.00 and set a "neutral" rating for the company in a research report on Friday, January 16th. TD Securities raised shares of Open Text to a "hold" rating in a research report on Monday, February 2nd. Finally, Raymond James Financial reduced their target price on shares of Open Text from $48.00 to $42.00 and set an "outperform" rating for the company in a research report on Friday, February 6th. Three equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $36.00.

Open Text Stock Down 1.9%

OTEX opened at $23.03 on Thursday. The company has a 50 day moving average of $23.08 and a 200 day moving average of $28.86. The company has a market cap of $5.58 billion, a PE ratio of 13.55 and a beta of 1.04. Open Text Corporation has a 12 month low of $20.00 and a 12 month high of $39.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, topping the consensus estimate of $1.04 by $0.09. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. Open Text's revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm earned $1.11 EPS. On average, sell-side analysts expect that Open Text Corporation will post 3.98 EPS for the current year.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company's platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text's product suite includes content services, business process management, customer experience management, analytics and security products.

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