Legal & General Group Plc Sells 532,205 Shares of Open Text Co. (NASDAQ:OTEX)

Legal & General Group Plc trimmed its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 26.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,456,077 shares of the software maker's stock after selling 532,205 shares during the quarter. Legal & General Group Plc owned approximately 0.55% of Open Text worth $41,186,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTEX. BNP Paribas Financial Markets lifted its holdings in shares of Open Text by 3.3% in the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock valued at $369,000 after purchasing an additional 351 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares in the last quarter. Allworth Financial LP grew its stake in Open Text by 20.7% during the 4th 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 lifted its position in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares during the last quarter. Finally, DGS Capital Management LLC boosted its holdings in Open Text by 2.0% in the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock worth $750,000 after purchasing an additional 530 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

NASDAQ OTEX traded down $0.06 on Friday, hitting $25.51. 574,103 shares of the stock were exchanged, compared to its average volume of 814,040. The company has a market capitalization of $6.70 billion, a PE ratio of 10.37 and a beta of 1.13. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The business's fifty day moving average is $26.06 and its 200 day moving average is $28.69. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $36.39.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share 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%. Research analysts anticipate that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business 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. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 4.12%. Open Text's dividend payout ratio is 42.68%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OTEX shares. TD Securities reduced 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. Citigroup upped their price objective 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. Barclays boosted their price objective on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. Royal Bank of Canada lowered their price target on shares of Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a report on Friday, February 7th. Finally, StockNews.com lowered shares of Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Open Text currently has an average rating of "Hold" and an average price target of $35.18.

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.