Open Text Co. (NASDAQ:OTEX) Stock Position Lowered by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 14.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,802,288 shares of the software maker's stock after selling 840,167 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.82% of Open Text worth $136,086,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. grew its stake in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after acquiring an additional 439 shares during the period. IFP Advisors Inc lifted its position in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares during the last quarter. DGS Capital Management LLC boosted its stake in Open Text by 2.0% during the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock valued at $750,000 after purchasing an additional 530 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Open Text by 1.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,637 shares of the software maker's stock worth $1,857,000 after purchasing an additional 947 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup lifted their price target on Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a report on Friday. BMO Capital Markets reduced their price target on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research report on Friday. Royal Bank of Canada lowered their price target on Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 22nd. Barclays cut their price objective on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Finally, TD Securities decreased their target price on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $33.73.

Open Text Price Performance

Shares of NASDAQ:OTEX traded up $0.31 during trading hours on Friday, hitting $26.16. 1,873,314 shares of the company's stock traded hands, compared to its average volume of 834,069. The company's fifty day simple moving average is $25.72 and its two-hundred day simple moving average is $28.15. The company has a market cap of $6.79 billion, a price-to-earnings ratio of 10.63 and a beta of 1.13. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The firm's revenue for the quarter was down 13.3% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. As a group, equities analysts anticipate that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 4.01%. The ex-dividend date is Friday, June 6th. Open Text's dividend payout ratio is 42.68%.

About Open Text

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.