Allspring Global Investments Holdings LLC raised its holdings in Open Text Co. (NASDAQ:OTEX – Get Rating) (TSE:OTC) by 1,099.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 98,601 shares of the software maker’s stock after acquiring an additional 90,383 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Open Text were worth $2,607,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. FMR LLC lifted its holdings in Open Text by 6.6% in the 2nd quarter. FMR LLC now owns 14,538,858 shares of the software maker’s stock valued at $549,985,000 after acquiring an additional 899,891 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Open Text by 3.2% during the 2nd quarter. Mackenzie Financial Corp now owns 10,938,179 shares of the software maker’s stock worth $413,751,000 after buying an additional 340,117 shares during the period. Vanguard Group Inc. raised its holdings in Open Text by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 9,079,999 shares of the software maker’s stock worth $384,993,000 after buying an additional 262,200 shares during the period. Fiera Capital Corp raised its holdings in Open Text by 13.4% during the 2nd quarter. Fiera Capital Corp now owns 5,371,524 shares of the software maker’s stock worth $203,258,000 after buying an additional 636,804 shares during the period. Finally, Invesco Ltd. raised its holdings in Open Text by 2.8% during the 1st quarter. Invesco Ltd. now owns 3,953,806 shares of the software maker’s stock worth $167,642,000 after buying an additional 107,702 shares during the period. 63.93% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
OTEX has been the topic of several recent analyst reports. TD Securities cut their price objective on Open Text from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, November 4th. Citigroup dropped their target price on Open Text from $34.00 to $30.00 in a report on Friday, November 4th. Raymond James dropped their target price on Open Text from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, November 4th. BMO Capital Markets dropped their target price on Open Text from $43.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, November 4th. Finally, StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 10th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Open Text presently has an average rating of “Moderate Buy” and a consensus price target of $44.00.
Open Text Trading Down 1.5 %
Open Text (NASDAQ:OTEX – Get Rating) (TSE:OTC) last announced its earnings results on Thursday, November 3rd. The software maker reported $0.70 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.70. The firm had revenue of $852.04 million during the quarter, compared to analysts’ expectations of $841.00 million. Open Text had a return on equity of 19.65% and a net margin of 4.22%. On average, research analysts forecast that Open Text Co. will post 2.9 EPS for the current fiscal year.
Open Text Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, December 22nd. Shareholders of record on Friday, December 2nd were given a dividend of $0.243 per share. The ex-dividend date of this dividend was Thursday, December 1st. This represents a $0.97 dividend on an annualized basis and a yield of 3.01%. This is a boost from Open Text’s previous quarterly dividend of $0.24. Open Text’s dividend payout ratio is presently 178.19%.
Open Text Profile
Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.
- Get a free copy of the StockNews.com research report on Open Text (OTEX)
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