Open Text Co. (NASDAQ:OTEX) Shares Sold by US Bancorp DE

US Bancorp DE lowered its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 45.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,710 shares of the software maker’s stock after selling 15,656 shares during the quarter. US Bancorp DE’s holdings in Open Text were worth $530,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in OTEX. IFP Advisors Inc boosted its holdings 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 purchasing an additional 515 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after buying an additional 398 shares during the period. Allworth Financial LP boosted its stake in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares during the last quarter. Vest Financial LLC acquired a new stake in Open Text during the fourth quarter worth about $267,000. Finally, DRW Securities LLC purchased a new position in Open Text during the third quarter valued at approximately $313,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

OTEX has been the topic of a number of analyst reports. Citigroup raised their price objective on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. UBS Group started coverage on shares of Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. Barclays lifted their price objective on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Royal Bank of Canada lowered 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. Finally, StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $35.18.

Open Text Price Performance

NASDAQ:OTEX opened at $25.58 on Wednesday. The firm has a market cap of $6.75 billion, a P/E ratio of 10.40 and a beta of 1.17. The stock has a 50 day moving average of $27.86 and a two-hundred day moving average of $30.02. Open Text Co. has a 12 month low of $25.07 and a 12 month 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.

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

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders 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 dividend yield of 4.10%. The ex-dividend date is Friday, March 7th. Open Text’s dividend payout ratio (DPR) is currently 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.