Charles Schwab Investment Management Inc. Has $19.17 Million Stock Position in Open Text Co. (NASDAQ:OTEX)

Charles Schwab Investment Management Inc. raised its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 677,709 shares of the software maker’s stock after buying an additional 5,177 shares during the period. Charles Schwab Investment Management Inc. owned 0.26% of Open Text worth $19,170,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its position in Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after buying an additional 515 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after purchasing an additional 398 shares during the period. Allworth Financial LP lifted its holdings in shares of Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after purchasing an additional 439 shares during the period. Plato Investment Management Ltd acquired a new position in shares of Open Text during the fourth quarter worth $138,000. Finally, Asahi Life Asset Management CO. LTD. acquired a new position in shares of Open Text during the fourth quarter worth $241,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Up 0.8 %

OTEX opened at $26.31 on Thursday. Open Text Co. has a 1-year low of $24.86 and a 1-year high of $40.55. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market cap of $6.95 billion, a P/E ratio of 10.70 and a beta of 1.17. The company has a fifty day moving average price of $27.56 and a two-hundred day moving average price of $29.76.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a $0.2625 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s payout ratio is 42.68%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Citigroup lifted their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Barclays lifted 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. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Royal Bank of Canada cut 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 report on Friday, February 7th. Finally, UBS Group began coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price for the company. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Open Text has an average rating of “Hold” and a consensus target price of $35.18.

Open Text 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.