Open Text Co. (NASDAQ:OTEX) Shares Purchased by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. lifted its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 20.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 685,944 shares of the software maker’s stock after purchasing an additional 118,663 shares during the period. Goldman Sachs Group Inc. owned approximately 0.25% of Open Text worth $28,823,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Syon Capital LLC acquired a new position in shares of Open Text in the fourth quarter valued at approximately $243,000. FIL Ltd grew its holdings in Open Text by 25.7% during the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after acquiring an additional 1,853,891 shares in the last quarter. K2 Principal Fund L.P. acquired a new position in Open Text during the 4th quarter worth approximately $937,000. Neuberger Berman Group LLC grew its holdings in Open Text by 99.5% during the 4th quarter. Neuberger Berman Group LLC now owns 143,881 shares of the software maker’s stock worth $6,077,000 after acquiring an additional 71,748 shares in the last quarter. Finally, Ossiam grew its holdings in Open Text by 39.0% during the 4th quarter. Ossiam now owns 25,129 shares of the software maker’s stock worth $1,061,000 after acquiring an additional 7,047 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Citigroup reduced their price objective on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. National Bankshares reduced their price target on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Raymond James reduced their price target on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. CIBC reduced their price target on shares of Open Text from $38.50 to $36.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Scotiabank reiterated a “sector perform” rating on shares of Open Text in a research report on Friday, May 3rd. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.00.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $29.69 on Monday. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 47.89 and a beta of 1.11. Open Text Co. has a 52 week low of $27.54 and a 52 week high of $45.47. The company’s 50-day moving average price is $31.19 and its 200 day moving average price is $36.98. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The firm had revenue of $1.45 billion for 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, research analysts forecast that Open Text Co. will post 3.79 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st were issued a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a yield of 5.86%. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, May 31st. Open Text’s dividend payout ratio is 159.68%.

About Open Text

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.