Open Text Co. (NASDAQ:OTEX) Shares Sold by NewGen Asset Management Ltd

NewGen Asset Management Ltd lessened its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 18.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 422,000 shares of the software maker's stock after selling 92,500 shares during the quarter. Open Text comprises about 9.1% of NewGen Asset Management Ltd's investment portfolio, making the stock its 3rd biggest holding. NewGen Asset Management Ltd owned 0.16% of Open Text worth $17,732,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Harris Associates L P boosted its stake in shares of Open Text by 1.6% during the 3rd quarter. Harris Associates L P now owns 11,515,807 shares of the software maker's stock worth $404,144,000 after acquiring an additional 177,600 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Open Text by 1.6% in the third quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker's stock worth $354,019,000 after buying an additional 154,240 shares during the period. Cooke & Bieler LP lifted its position in shares of Open Text by 4.2% during the 4th quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker's stock valued at $200,345,000 after buying an additional 191,292 shares in the last quarter. Guardian Capital LP increased its holdings in Open Text by 5.8% in the 3rd quarter. Guardian Capital LP now owns 3,020,005 shares of the software maker's stock worth $106,482,000 after acquiring an additional 164,552 shares in the last quarter. Finally, Cidel Asset Management Inc. raised its stake in Open Text by 7.7% during the 3rd quarter. Cidel Asset Management Inc. now owns 2,068,360 shares of the software maker's stock worth $72,928,000 after acquiring an additional 147,643 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. National Bankshares reduced their price objective on shares of Open Text from $60.00 to $50.00 and set an "outperform" rating for the company in a research note on Friday. Raymond James lowered their price objective on Open Text from $55.00 to $48.00 and set an "outperform" rating on the stock in a research report on Friday. Jefferies Financial Group lowered their price target on Open Text from $45.00 to $42.00 and set a "buy" rating on the stock in a report on Friday. Barclays cut their price objective on shares of Open Text from $44.00 to $38.00 and set an "equal weight" rating for the company in a report on Friday. Finally, StockNews.com downgraded shares of Open Text from a "buy" rating to a "hold" rating in a report on Friday. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $42.25.

Open Text Trading Down 14.7 %

Shares of Open Text stock traded down $5.22 on Friday, reaching $30.25. The company had a trading volume of 3,706,318 shares, compared to its average volume of 728,893. Open Text Co. has a 1 year low of $28.19 and a 1 year high of $45.47. The firm has a market cap of $8.25 billion, a price-to-earnings ratio of 48.79 and a beta of 1.11. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38. The firm's 50-day moving average price is $37.32 and its two-hundred day moving average price is $38.77.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating the consensus estimate of $1.10 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a net margin of 2.85% and a return on equity of 24.61%. As a group, research analysts predict that Open Text Co. will post 4.14 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be issued a $0.435 dividend. This represents a $1.74 annualized dividend and a dividend yield of 5.75%. This is an increase from Open Text's previous quarterly dividend of $0.25. The ex-dividend date is Friday, May 31st. Open Text's dividend payout ratio is presently 161.29%.

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.