Open Text Co. (NASDAQ:OTEX) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. decreased its holdings in shares of Open Text Co. (NASDAQ:OTEXFree Report) (TSE:OTC) by 0.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 556,785 shares of the software maker’s stock after selling 838 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.20% of Open Text worth $21,618,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in Open Text in the fourth quarter valued at $139,600,000. Clearbridge Investments LLC acquired a new position in Open Text in the fourth quarter valued at $117,627,000. FIL Ltd boosted its holdings in Open Text by 25.7% in the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock valued at $380,696,000 after acquiring an additional 1,853,891 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Open Text by 73.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,852,184 shares of the software maker’s stock valued at $77,970,000 after acquiring an additional 785,157 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. boosted its holdings in Open Text by 9.9% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock valued at $365,800,000 after acquiring an additional 782,885 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Down 0.4 %

Shares of NASDAQ OTEX opened at $30.88 on Wednesday. Open Text Co. has a 1 year low of $27.54 and a 1 year high of $45.47. The firm has a market cap of $8.33 billion, a price-to-earnings ratio of 49.81 and a beta of 1.12. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. The stock’s 50-day simple moving average is $30.01 and its 200-day simple moving average is $36.08.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last announced its earnings results 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. Open Text had a return on equity of 24.45% and a net margin of 2.85%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts anticipate that Open Text Co. will post 3.79 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Friday, May 31st were issued a $0.435 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 annualized dividend and a yield of 5.63%. The ex-dividend date was Friday, May 31st. Open Text’s payout ratio is currently 159.68%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on OTEX. CIBC reduced their target price on Open Text from $38.50 to $36.00 and set a “neutral” rating on the stock in a report on Friday, June 21st. Jefferies Financial Group reduced their price objective on Open Text from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Raymond James reduced their price objective on Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. StockNews.com upgraded Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, May 11th. Finally, Citigroup reduced their price objective on Open Text from $37.00 to $32.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $41.50.

Read Our Latest Research Report on OTEX

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.

Further Reading

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

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