Vanguard Group Inc. Boosts Stock Position in Open Text Corporation $OTEX

Vanguard Group Inc. lifted its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 6.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,151,279 shares of the software maker’s stock after buying an additional 639,514 shares during the quarter. Vanguard Group Inc. owned approximately 4.29% of Open Text worth $281,447,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of OTEX. Value Partners Investments Inc. raised its holdings in shares of Open Text by 1,162.1% in the 1st quarter. Value Partners Investments Inc. now owns 2,333,539 shares of the software maker’s stock valued at $58,955,000 after buying an additional 2,148,639 shares during the period. JARISLOWSKY FRASER Ltd raised its holdings in shares of Open Text by 11.8% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker’s stock valued at $522,879,000 after buying an additional 1,957,695 shares during the period. Criteria Caixa S.A.U. purchased a new stake in shares of Open Text in the 4th quarter valued at $32,890,000. Bank of America Corp DE increased its holdings in Open Text by 91.3% during the 4th quarter. Bank of America Corp DE now owns 1,602,313 shares of the software maker’s stock worth $45,378,000 after purchasing an additional 764,734 shares during the period. Finally, First Trust Advisors LP increased its holdings in Open Text by 9.5% during the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker’s stock worth $205,925,000 after purchasing an additional 632,437 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

OTEX has been the topic of several recent research reports. Wall Street Zen upgraded Open Text from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Scotiabank upped their price target on Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 12th. Citigroup upped their price target on Open Text from $29.00 to $43.00 and gave the stock a “negative” rating in a report on Friday, May 2nd. UBS Group cut their price target on Open Text from $32.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Finally, Royal Bank Of Canada cut their price target on 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 analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $32.60.

Open Text Trading Up 2.1%

NASDAQ:OTEX opened at $31.69 on Monday. The stock’s 50 day moving average price is $29.19 and its 200 day moving average price is $27.65. The company has a market capitalization of $8.06 billion, a PE ratio of 19.21 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $34.20.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.98 EPS. On average, research analysts anticipate that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a yield of 3.5%. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio (DPR) is 63.64%.

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.