Open Text Co. (NASDAQ:OTEX) Shares Sold by Guardian Capital LP

Guardian Capital LP reduced its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 8.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,765,105 shares of the software maker's stock after selling 254,900 shares during the quarter. Open Text accounts for approximately 4.2% of Guardian Capital LP's investment portfolio, making the stock its 4th biggest holding. Guardian Capital LP owned approximately 1.02% of Open Text worth $116,782,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of OTEX. Thornburg Investment Management Inc. acquired a new stake in Open Text in the 4th quarter valued at $1,795,000. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Open Text in the fourth quarter valued at about $222,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Open Text during the 4th quarter worth about $289,000. Boston Partners lifted its stake in Open Text by 0.5% in the 4th quarter. Boston Partners now owns 60,137 shares of the software maker's stock valued at $2,527,000 after buying an additional 318 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Open Text by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 656,340 shares of the software maker's stock valued at $27,580,000 after buying an additional 8,603 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on OTEX shares. Citigroup decreased their target price on Open Text from $42.00 to $37.00 and set a "neutral" rating on the stock in a research report on Friday, May 3rd. Barclays lowered their target price on shares of Open Text from $44.00 to $38.00 and set an "equal weight" rating on the stock in a research note on Friday, May 3rd. StockNews.com upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Saturday. Scotiabank restated a "sector perform" rating on shares of Open Text in a research report on Friday, May 3rd. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $42.25.

Open Text Trading Down 0.2 %

Open Text stock traded down $0.06 during mid-day trading on Tuesday, hitting $30.55. The company's stock had a trading volume of 474,458 shares, compared to its average volume of 674,519. Open Text Co. has a 1 year low of $28.19 and a 1 year high of $45.47. The stock's fifty day moving average is $36.14 and its two-hundred day moving average is $38.64. The firm has a market capitalization of $8.34 billion, a PE ratio of 49.27 and a beta of 1.11. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.435 per share. This represents a $1.74 annualized dividend and a yield of 5.70%. The ex-dividend date is Friday, May 31st. This is a positive change from Open Text's previous quarterly dividend of $0.25. Open Text's dividend payout ratio (DPR) is 161.29%.

Open Text 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.

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