Vanguard Group Inc. Sells 53,108 Shares of Open Text Co. (NASDAQ:OTEX)

Vanguard Group Inc. decreased its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,511,765 shares of the software maker’s stock after selling 53,108 shares during the quarter. Vanguard Group Inc. owned 3.99% of Open Text worth $297,483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. LPL Financial LLC lifted its holdings in shares of Open Text by 8.7% in the 4th quarter. LPL Financial LLC now owns 18,509 shares of the software maker’s stock worth $524,000 after acquiring an additional 1,479 shares during the last quarter. Guardian Partners Inc. purchased a new position in Open Text in the 4th quarter worth $5,180,000. Sei Investments Co. lifted its stake in Open Text by 7.4% in the fourth quarter. Sei Investments Co. now owns 238,629 shares of the software maker’s stock worth $6,758,000 after purchasing an additional 16,540 shares during the last quarter. American Century Companies Inc. boosted its position in Open Text by 406.1% during the fourth quarter. American Century Companies Inc. now owns 298,979 shares of the software maker’s stock valued at $8,461,000 after buying an additional 239,906 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Open Text during the fourth quarter valued at about $830,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

OTEX has been the subject of several analyst reports. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. UBS Group started coverage on Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective for the company. Royal Bank of Canada decreased their target price 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. Citigroup increased their price target on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, TD Securities decreased their price objective on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Open Text presently has an average rating of “Hold” and an average target price of $35.18.

Open Text Trading Down 2.9 %

Shares of OTEX opened at $24.13 on Friday. Open Text Co. has a 1-year low of $23.43 and a 1-year high of $37.86. The firm has a market capitalization of $6.34 billion, a price-to-earnings ratio of 9.81 and a beta of 1.17. The firm’s 50-day moving average price is $27.05 and its 200-day moving average price is $29.28. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data 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 return on equity of 23.23% and a net margin of 12.21%. Sell-side analysts anticipate that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $0.2625 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a yield of 4.35%. Open Text’s dividend payout ratio is 42.68%.

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.