Open Text Corporation (NASDAQ:OTEX) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 12.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 187,565 shares of the software maker’s stock after purchasing an additional 21,089 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of Open Text worth $4,735,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in Open Text during the 4th quarter worth approximately $93,216,000. Arrowstreet Capital Limited Partnership increased its position in shares of Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock worth $169,555,000 after acquiring an additional 2,586,549 shares during the period. Value Partners Investments Inc. raised its stake in shares of Open Text by 1,162.1% in the first quarter. Value Partners Investments Inc. now owns 2,333,539 shares of the software maker’s stock valued at $58,955,000 after acquiring an additional 2,148,639 shares in the last quarter. JARISLOWSKY FRASER Ltd boosted its holdings in Open Text by 11.8% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock valued at $522,879,000 after purchasing an additional 1,957,695 shares during the period. Finally, Criteria Caixa S.A.U. purchased a new position in Open Text in the fourth quarter valued at $32,890,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of NASDAQ OTEX opened at $29.89 on Friday. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $34.20. The firm has a market cap of $7.67 billion, a P/E ratio of 12.20 and a beta of 1.13. The stock has a fifty day moving average price of $28.12 and a two-hundred day moving average price of $27.40. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.86 and a current ratio of 0.86.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.01. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 12.55% and a return on equity of 22.49%. The business’s revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. Research analysts forecast that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.05 annualized dividend and a dividend yield of 3.51%. Open Text’s dividend payout ratio is 42.86%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on OTEX shares. Barclays reduced their price target on Open Text from $36.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Monday, April 21st. Citigroup increased their price objective on Open Text from $29.00 to $43.00 and gave the company a “negative” rating in a report on Friday, May 2nd. Wall Street Zen upgraded Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday, May 13th. CIBC dropped their price target on shares of Open Text from $33.00 to $31.00 and set a “neutral” rating on the stock in a research note on Friday, May 2nd. Finally, Royal Bank Of Canada cut their price objective on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $32.30.

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.