Franklin Resources Inc. Has $9.50 Million Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Franklin Resources Inc. lowered its stake in shares of Open Text Co. (NASDAQ:OTEXFree Report) (TSE:OTC) by 92.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 226,070 shares of the software maker’s stock after selling 2,654,918 shares during the period. Franklin Resources Inc. owned approximately 0.08% of Open Text worth $9,502,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in OTEX. Principal Financial Group Inc. lifted its stake in shares of Open Text by 12.3% in 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 in the last quarter. Assenagon Asset Management S.A. boosted its stake in Open Text by 9.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,700 shares of the software maker’s stock valued at $659,000 after purchasing an additional 1,550 shares during the last quarter. Barclays PLC increased its holdings in Open Text by 384.1% during the 3rd quarter. Barclays PLC now owns 96,324 shares of the software maker’s stock worth $3,381,000 after purchasing an additional 76,426 shares in the last quarter. Metis Global Partners LLC raised its stake in shares of Open Text by 5.3% in the third quarter. Metis Global Partners LLC now owns 16,421 shares of the software maker’s stock worth $576,000 after purchasing an additional 820 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Open Text in the third quarter valued at approximately $377,000. Institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays dropped their price objective on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. TD Securities reduced their price objective on shares of Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Jefferies Financial Group dropped their target price on shares of Open Text from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. CIBC reduced their target price on Open Text from $44.00 to $38.50 and set a “neutral” rating for the company in a report on Friday, May 3rd. Finally, Scotiabank reiterated a “sector perform” rating on shares of Open Text in a report on Friday, May 3rd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.25.

Read Our Latest Research Report on Open Text

Open Text Stock Performance

Shares of OTEX opened at $29.54 on Thursday. The business has a 50-day simple moving average of $34.35 and a two-hundred day simple moving average of $38.25. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. Open Text Co. has a 52 week low of $28.19 and a 52 week high of $45.47. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 47.65 and a beta of 1.10.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. On average, analysts expect that Open Text Co. will post 3.79 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.435 per share. The ex-dividend date is Friday, May 31st. This is an increase from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.89%. Open Text’s dividend payout ratio (DPR) is currently 161.29%.

Open Text Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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