Open Text Co. (NASDAQ:OTEX) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. lowered its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,674 shares of the software maker’s stock after selling 550 shares during the period. Alliancebernstein L.P.’s holdings in Open Text were worth $784,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. IFP Advisors Inc lifted its position in Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after acquiring an additional 515 shares during the period. Blue Trust Inc. boosted its position in Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after buying an additional 398 shares during the last quarter. Generali Asset Management SPA SGR purchased a new position in Open Text during the 4th quarter worth approximately $62,000. Allworth Financial LP boosted its holdings in shares of Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after acquiring an additional 439 shares during the last quarter. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Open Text in the fourth quarter worth $105,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Performance

NASDAQ OTEX opened at $25.51 on Friday. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $36.39. The firm has a market capitalization of $6.70 billion, a P/E ratio of 10.37 and a beta of 1.13. The stock’s fifty day moving average is $26.00 and its two-hundred day moving average is $28.61. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, research analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is presently 42.68%.

Analysts Set New Price Targets

OTEX has been the topic of several analyst reports. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. TD Securities decreased their price objective on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Sunday, February 9th. Barclays boosted their price target on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Royal Bank of Canada decreased their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. Finally, StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Open Text presently has an average rating of “Hold” and an average target price of $35.18.

Open Text Company 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.