Open Text Co. (NASDAQ:OTEX) Stake Cut by Mackenzie Financial Corp

Mackenzie Financial Corp lowered its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 6.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,630,393 shares of the software maker's stock after selling 551,125 shares during the period. Mackenzie Financial Corp owned about 2.81% of Open Text worth $320,852,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of OTEX. Dimensional Fund Advisors LP lifted its holdings in Open Text by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 418,847 shares of the software maker's stock valued at $17,759,000 after purchasing an additional 7,288 shares in the last quarter. Sei Investments Co. boosted its position in Open Text by 14.1% during the first quarter. Sei Investments Co. now owns 213,916 shares of the software maker's stock worth $9,073,000 after acquiring an additional 26,359 shares during the last quarter. Aviva PLC purchased a new stake in Open Text during the 1st quarter valued at about $1,925,000. Canada Pension Plan Investment Board raised its holdings in Open Text by 34.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 309,399 shares of the software maker's stock valued at $13,131,000 after acquiring an additional 79,800 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Open Text by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 9,079,999 shares of the software maker's stock worth $384,993,000 after purchasing an additional 262,200 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Trading Down 2.3 %

Shares of OTEX traded down $0.80 during midday trading on Monday, hitting $34.72. 601,489 shares of the stock were exchanged, compared to its average volume of 572,776. Open Text Co. has a 52-week low of $32.04 and a 52-week high of $45.47. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a fifty day simple moving average of $38.88 and a 200 day simple moving average of $38.76. The firm has a market cap of $9.46 billion, a P/E ratio of 73.87 and a beta of 1.09.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.01. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a return on equity of 22.99% and a net margin of 2.24%. On average, research analysts anticipate that Open Text Co. will post 4.14 EPS for the current fiscal year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.00 dividend on an annualized basis and a yield of 2.88%. Open Text's dividend payout ratio (DPR) is presently 212.77%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. BMO Capital Markets increased their price target on Open Text from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, February 2nd. Jefferies Financial Group began coverage on shares of Open Text in a report on Tuesday, February 27th. They issued a "buy" rating and a $45.00 price objective for the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. TD Securities increased their price target on shares of Open Text from $53.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, February 2nd. Finally, CIBC upped their price objective on Open Text from $42.00 to $44.00 and gave the company a "neutral" rating in a report on Thursday, January 11th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Open Text presently has a consensus rating of "Moderate Buy" and an average price target of $46.25.

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.