Clearbridge Investments LLC Takes Position in Open Text Co. (NASDAQ:OTEX)

Clearbridge Investments LLC bought a new stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the fourth quarter, according to its most recent filing with the SEC. The firm bought 2,799,306 shares of the software maker's stock, valued at approximately $117,627,000. Clearbridge Investments LLC owned about 1.03% of Open Text at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its position in shares of Open Text by 5.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 118,617 shares of the software maker's stock valued at $4,164,000 after acquiring an additional 6,412 shares during the period. Allworth Financial LP increased its holdings in shares of Open Text by 125.7% during the 3rd quarter. Allworth Financial LP now owns 957 shares of the software maker's stock worth $34,000 after purchasing an additional 533 shares during the period. Principal Financial Group Inc. raised its position in shares of Open Text by 12.3% during the third quarter. Principal Financial Group Inc. now owns 44,667 shares of the software maker's stock valued at $1,575,000 after buying an additional 4,900 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Open Text by 9.0% in the third quarter. Assenagon Asset Management S.A. now owns 18,700 shares of the software maker's stock valued at $659,000 after buying an additional 1,550 shares during the period. Finally, Barclays PLC grew its position in Open Text by 384.1% during the third quarter. Barclays PLC now owns 96,324 shares of the software maker's stock worth $3,381,000 after buying an additional 76,426 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Price Performance

OTEX traded down $0.20 during trading on Tuesday, hitting $30.93. The company's stock had a trading volume of 772,643 shares, compared to its average volume of 667,966. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of 49.89 and a beta of 1.11. The firm's 50 day moving average price is $35.54 and its two-hundred day moving average price is $38.56. Open Text Co. has a 12 month low of $28.19 and a 12 month high of $45.47.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.63%. This is a boost from Open Text's previous quarterly dividend of $0.25. The ex-dividend date is Friday, May 31st. Open Text's payout ratio is currently 161.29%.

Wall Street Analyst Weigh In

OTEX has been the subject of a number of research reports. National Bankshares reduced their price objective on Open Text from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, May 3rd. Royal Bank of Canada reiterated an "outperform" rating and set a $53.00 price target on shares of Open Text in a research note on Friday, February 2nd. Raymond James dropped their price objective on shares of Open Text from $55.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, May 3rd. StockNews.com raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Saturday, May 11th. Finally, CIBC lowered their price objective on Open Text from $44.00 to $38.50 and set a "neutral" rating on the stock in a research note on Friday, May 3rd. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $42.25.

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.