Allspring Global Investments Holdings LLC Raises Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Allspring Global Investments Holdings LLC raised its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 30.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 166,476 shares of the software maker’s stock after purchasing an additional 39,266 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of Open Text worth $4,705,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. boosted its position in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the last quarter. Cromwell Holdings LLC lifted its stake in Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after acquiring an additional 380 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Open Text by 74.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker’s stock valued at $290,000 after acquiring an additional 3,719 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of Open Text in the third quarter worth $313,000. Finally, Vest Financial LLC purchased a new position in shares of Open Text during the fourth quarter worth $267,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $27.46 on Friday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $7.25 billion, a PE ratio of 11.16 and a beta of 1.12. Open Text Co. has a one year low of $26.84 and a one year high of $40.55. The firm has a fifty day moving average of $28.42 and a 200 day moving average of $30.46.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping 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%. As a group, research analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio (DPR) is 42.68%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Scotiabank cut their price target on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada dropped their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. TD Securities decreased their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. BMO Capital Markets lowered their price objective on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Finally, UBS Group assumed coverage on shares of Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price for the company. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Open Text currently has a consensus 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.