Citigroup Inc. Has $2.43 Million Position in Open Text Co. (NASDAQ:OTEX)

Citigroup Inc. grew its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 6.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 62,982 shares of the software maker’s stock after purchasing an additional 3,866 shares during the period. Citigroup Inc.’s holdings in Open Text were worth $2,426,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Jarislowsky Fraser Ltd boosted its stake in shares of Open Text by 11.8% in the 4th quarter. Jarislowsky Fraser Ltd now owns 16,631,315 shares of the software maker’s stock valued at $492,454,000 after purchasing an additional 1,756,914 shares in the last quarter. Harris Associates L P boosted its stake in shares of Open Text by 28.1% in the 4th quarter. Harris Associates L P now owns 15,205,007 shares of the software maker’s stock valued at $450,552,000 after purchasing an additional 3,333,900 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Open Text by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 9,462,111 shares of the software maker’s stock valued at $250,178,000 after purchasing an additional 271,437 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Open Text by 2.8% in the first quarter. Invesco Ltd. now owns 3,953,806 shares of the software maker’s stock valued at $167,642,000 after buying an additional 107,702 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in shares of Open Text by 5.2% in the first quarter. National Bank of Canada FI now owns 3,810,450 shares of the software maker’s stock valued at $146,689,000 after buying an additional 187,154 shares during the last quarter. Institutional investors and hedge funds own 64.53% of the company’s stock.

Open Text Stock Performance

Shares of NASDAQ:OTEX opened at $40.02 on Wednesday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 2.13. The stock has a market capitalization of $10.85 billion, a P/E ratio of 71.47 and a beta of 1.04. The business has a 50-day moving average price of $39.97 and a two-hundred day moving average price of $39.18. Open Text Co. has a 1-year low of $24.91 and a 1-year high of $43.25.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.05). The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.51 billion. Open Text had a net margin of 3.35% and a return on equity of 19.55%. Equities analysts predict that Open Text Co. will post 4.26 earnings per share for the current year.

Open Text Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.50%. Open Text’s dividend payout ratio (DPR) is presently 178.57%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. StockNews.com assumed coverage on Open Text in a report on Thursday, August 17th. They issued a “buy” rating for the company. Barclays lifted their price target on Open Text from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, August 4th. Citigroup lifted their price target on Open Text from $41.00 to $44.00 in a report on Wednesday, June 21st. BMO Capital Markets lifted their price target on Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Finally, CIBC lifted their price target on Open Text from $41.00 to $42.00 and gave the company a “neutral” rating in a report on Friday, August 4th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Open Text has a consensus rating of “Moderate Buy” and a consensus price target of $46.67.

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.