Fmr LLC Sells 3,152,732 Shares of Open Text Co. (NASDAQ:OTEX)

FMR LLC cut its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 38.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,151,218 shares of the software maker's stock after selling 3,152,732 shares during the period. FMR LLC owned approximately 1.95% of Open Text worth $145,780,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in OTEX. Cooke & Bieler LP raised its holdings in Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock worth $178,670,000 after purchasing an additional 389,220 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Open Text by 75.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after buying an additional 2,586,549 shares in the last quarter. Brandes Investment Partners LP lifted its holdings in shares of Open Text by 29.2% in the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock valued at $127,557,000 after buying an additional 1,017,065 shares during the period. Norges Bank bought a new position in Open Text during the fourth quarter valued at about $93,216,000. Finally, CDAM UK Ltd boosted its stake in Open Text by 3.0% during the fourth quarter. CDAM UK Ltd now owns 2,279,152 shares of the software maker's stock valued at $64,546,000 after buying an additional 66,515 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on OTEX. StockNews.com downgraded shares of Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. TD Securities reduced their target price 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. Royal Bank of Canada dropped their price target on Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a report on Friday, February 7th. Citigroup raised their price objective on Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Finally, Barclays lifted their target price on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Open Text presently has a consensus rating of "Hold" and an average price target of $35.18.

Open Text Stock Down 0.2 %

Shares of NASDAQ OTEX traded down $0.06 during mid-day trading on Friday, reaching $25.51. The company had a trading volume of 574,103 shares, compared to its average volume of 814,040. The stock has a fifty day moving average of $26.06 and a two-hundred day moving average of $28.69. Open Text Co. has a 12-month low of $22.79 and a 12-month high of $36.39. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of 10.37 and a beta of 1.13. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. As a group, equities research analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 4.12%. This is a positive change from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text's payout ratio is currently 42.68%.

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.