Wells Fargo & Company MN Sells 13,169 Shares of Open Text Co. (NASDAQ:OTEX)

Wells Fargo & Company MN trimmed its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 7.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,051 shares of the software maker's stock after selling 13,169 shares during the period. Wells Fargo & Company MN owned approximately 0.06% of Open Text worth $4,646,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of analysts have commented on OTEX shares. TD Securities decreased their target price on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Sunday, February 9th. Royal Bank of Canada reduced their price objective on Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research report on Tuesday. StockNews.com lowered Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Barclays reduced their target price on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a report on Monday. Finally, Citigroup boosted their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $34.45.

Open Text Stock Up 0.4 %

Shares of OTEX stock traded up $0.12 on Friday, reaching $26.99. 152,519 shares of the company's stock traded hands, compared to its average volume of 809,672. Open Text Co. has a 12-month low of $22.79 and a 12-month high of $36.25. The company has a market capitalization of $7.01 billion, a P/E ratio of 10.97 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. The business's 50 day moving average price is $25.78 and its two-hundred day moving average price is $28.44.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, equities analysts forecast that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.2625 dividend. This is an increase from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.05 annualized dividend and a dividend yield of 3.89%. Open Text's dividend payout ratio (DPR) is presently 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.