Open Text Co. (NASDAQ:OTEX) Shares Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC increased its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 93,111 shares of the software maker's stock after acquiring an additional 9,340 shares during the quarter. Wedge Capital Management L L P NC's holdings in Open Text were worth $2,352,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vest Financial LLC grew its position in Open Text by 34.9% during the 1st quarter. Vest Financial LLC now owns 12,724 shares of the software maker's stock worth $321,000 after purchasing an additional 3,290 shares during the last quarter. NBC Securities Inc. lifted its position in Open Text by 143,737.5% during the 1st quarter. NBC Securities Inc. now owns 11,507 shares of the software maker's stock worth $290,000 after acquiring an additional 11,499 shares during the period. Legacy Wealth Asset Management LLC increased its holdings in shares of Open Text by 25.9% in the first quarter. Legacy Wealth Asset Management LLC now owns 19,958 shares of the software maker's stock valued at $504,000 after purchasing an additional 4,105 shares during the period. Parallel Advisors LLC raised its stake in shares of Open Text by 219.3% in the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock worth $49,000 after purchasing an additional 1,331 shares during the last quarter. Finally, Versant Capital Management Inc acquired a new stake in shares of Open Text during the first quarter worth about $26,000. Institutional investors own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OTEX. Citigroup upped their price objective on shares of Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a report on Friday, May 2nd. National Bankshares cut their target price on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. BMO Capital Markets decreased their price objective on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. Finally, UBS Group dropped their target price 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. 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 company's stock. According to MarketBeat.com, Open Text has a consensus rating of "Hold" and an average price target of $32.30.

Open Text Trading Down 0.0%

NASDAQ:OTEX traded down $0.01 during trading hours on Wednesday, hitting $28.77. The company had a trading volume of 1,506,419 shares, compared to its average volume of 910,836. Open Text Co. has a 1 year low of $22.79 and a 1 year high of $34.20. The company has a market cap of $7.45 billion, a P/E ratio of 11.70 and a beta of 1.13. The company has a 50-day moving average of $26.89 and a 200 day moving average of $27.57. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced 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 during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $0.94 EPS. Sell-side analysts expect that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a $0.2625 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 annualized dividend and a yield of 3.65%. Open Text's dividend payout ratio (DPR) is currently 42.86%.

Open Text Company 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.