Russell Investments Group Ltd. grew its position in Open Text Co. (NASDAQ:OTEX – Free Report) (TSE:OTC) by 15.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 568,143 shares of the software maker’s stock after purchasing an additional 74,952 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.21% of Open Text worth $23,635,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of OTEX. Dimensional Fund Advisors LP raised its stake in Open Text by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 418,847 shares of the software maker’s stock worth $17,759,000 after acquiring an additional 7,288 shares in the last quarter. Sei Investments Co. raised its stake in Open Text by 14.1% during the 1st quarter. Sei Investments Co. now owns 213,916 shares of the software maker’s stock worth $9,073,000 after acquiring an additional 26,359 shares in the last quarter. Aviva PLC acquired a new stake in Open Text during the 1st quarter worth $1,925,000. Canada Pension Plan Investment Board grew its position in Open Text by 34.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 309,399 shares of the software maker’s stock worth $13,131,000 after purchasing an additional 79,800 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Open Text by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 9,079,999 shares of the software maker’s stock worth $384,993,000 after purchasing an additional 262,200 shares during the last quarter. 64.53% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have recently weighed in on OTEX shares. Stifel Nicolaus lowered their target price on shares of Open Text from $44.00 to $38.00 and set a “neutral” rating on the stock in a report on Monday, October 16th. StockNews.com downgraded shares of Open Text from a “buy” rating to a “hold” rating in a report on Sunday, October 29th. Barclays lowered their target price on shares of Open Text from $44.00 to $40.00 and set an “equal weight” rating for the company in a report on Thursday, October 12th. CIBC boosted their price objective on shares of Open Text from $41.00 to $42.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. Finally, BMO Capital Markets decreased their target price on shares of Open Text from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, October 17th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $42.50.
Open Text Stock Performance
NASDAQ:OTEX opened at $38.92 on Tuesday. Open Text Co. has a twelve month low of $27.51 and a twelve month high of $43.25. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 2.13. The company has a 50-day moving average of $35.60 and a 200-day moving average of $38.79. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 30.17 and a beta of 1.05.
Open Text Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Friday, December 1st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Thursday, November 30th. Open Text’s dividend payout ratio (DPR) is 77.52%.
About Open Text
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.
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