Principal Financial Group Inc. Reduces Stake in Open Text Co. (NASDAQ:OTEX)

Principal Financial Group Inc. reduced its holdings in Open Text Co. (NASDAQ:OTEXFree Report) (TSE:OTC) by 11.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,600 shares of the software maker’s stock after selling 5,067 shares during the period. Principal Financial Group Inc.’s holdings in Open Text were worth $1,672,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Open Text by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after buying an additional 154,240 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in Open Text by 182.1% during the fourth quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock worth $1,563,000 after buying an additional 24,000 shares in the last quarter. Value Partners Investments Inc. grew its position in Open Text by 16.3% during the fourth quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after buying an additional 286,766 shares during the period. Qube Research & Technologies Ltd acquired a new position in shares of Open Text in the third quarter worth about $2,630,000. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Open Text by 7.1% during the 3rd quarter. Canada Pension Plan Investment Board now owns 837,880 shares of the software maker’s stock worth $29,543,000 after acquiring an additional 55,360 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ OTEX opened at $29.25 on Friday. The company has a market cap of $7.98 billion, a P/E ratio of 47.18 and a beta of 1.10. Open Text Co. has a 1-year low of $28.19 and a 1-year high of $45.47. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a 50-day moving average of $33.93 and a two-hundred day moving average of $38.14.

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

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be paid a dividend of $0.435 per share. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.95%. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s dividend payout ratio is presently 161.29%.

Analysts Set New Price Targets

Several research firms have recently issued reports on OTEX. Barclays lowered their target price on shares of 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 decreased their price target on shares of Open Text from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. CIBC decreased their price target on shares of Open Text from $44.00 to $38.50 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Raymond James decreased their price target on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Finally, Citigroup decreased their price target on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.25.

Check Out Our Latest Stock Report on Open Text

About Open Text

(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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