Geode Capital Management LLC Has $49.60 Million Holdings in Open Text Co. (NASDAQ:OTEX)

Geode Capital Management LLC grew its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 25.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,748,435 shares of the software maker's stock after purchasing an additional 350,582 shares during the quarter. Geode Capital Management LLC owned about 0.66% of Open Text worth $49,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Stifel Financial Corp acquired a new position in Open Text during the third quarter worth $2,232,000. Choreo LLC acquired a new position in shares of Open Text during the 4th quarter worth about $564,000. Franklin Resources Inc. raised its holdings in shares of Open Text by 19.9% in the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker's stock valued at $7,086,000 after purchasing an additional 34,135 shares during the period. Canoe Financial LP lifted its stake in Open Text by 127.3% in the 4th quarter. Canoe Financial LP now owns 150,000 shares of the software maker's stock valued at $4,242,000 after purchasing an additional 84,000 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in Open Text during the fourth quarter worth about $2,372,000. Institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Citigroup lifted their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Royal Bank of Canada reduced their price objective on Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research report on Friday, February 7th. Barclays increased their target price on Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. Finally, TD Securities reduced their price target on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Sunday, February 9th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Open Text currently has a consensus rating of "Hold" and an average target price of $35.18.

Open Text Trading Down 0.2 %

Shares of NASDAQ:OTEX traded down $0.06 during trading on Friday, reaching $25.51. The stock had a trading volume of 574,103 shares, compared to its average volume of 816,449. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $36.39. The firm's fifty day moving average is $26.00 and its 200 day moving average is $28.61. The stock has a market cap 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 issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. As a group, equities analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.12%. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. Open Text's dividend payout ratio is presently 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.