Geode Capital Management LLC Has $46.46 Million Holdings in Open Text Co. (NASDAQ:OTEX)

Geode Capital Management LLC increased its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 4.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,397,853 shares of the software maker’s stock after acquiring an additional 61,696 shares during the period. Geode Capital Management LLC owned about 0.53% of Open Text worth $46,460,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brandes Investment Partners LP lifted its holdings in shares of Open Text by 236.8% in the second quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker’s stock valued at $55,059,000 after purchasing an additional 1,290,011 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Open Text by 25.1% in the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after acquiring an additional 1,118,479 shares during the last quarter. Cooke & Bieler LP increased its position in shares of Open Text by 18.6% in the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock valued at $166,325,000 after acquiring an additional 867,978 shares during the last quarter. JARISLOWSKY FRASER Ltd raised its holdings in Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after acquiring an additional 767,822 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in Open Text by 17.5% during the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock valued at $120,390,000 after purchasing an additional 599,790 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Performance

OTEX opened at $27.96 on Tuesday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $7.43 billion, a P/E ratio of 16.16 and a beta of 1.11. The business’s fifty day moving average is $30.52 and its 200-day moving average is $31.01. Open Text Co. has a 52-week low of $27.05 and a 52-week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the business posted $0.90 earnings per share. The company’s quarterly revenue was down 11.0% on a year-over-year basis. Sell-side analysts expect that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 29th were issued a dividend of $0.262 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.05 annualized dividend and a yield of 3.75%. Open Text’s dividend payout ratio (DPR) is presently 60.69%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Citigroup dropped their price objective on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. StockNews.com raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Barclays lowered their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. UBS Group started coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target on the stock. Finally, TD Securities cut their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Nine analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.55.

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.