Russell Investments Group Ltd. Sells 196,547 Shares of Open Text Co. (NASDAQ:OTEX)

Russell Investments Group Ltd. reduced its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 47.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,847 shares of the software maker’s stock after selling 196,547 shares during the quarter. Russell Investments Group Ltd. owned about 0.08% of Open Text worth $9,116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Harris Associates L P increased its position in shares of Open Text by 1.6% during the 3rd quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock valued at $404,144,000 after purchasing an additional 177,600 shares during the last quarter. Vanguard Group Inc. grew its position in Open Text by 1.6% during the third quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock valued at $354,019,000 after acquiring an additional 154,240 shares during the last quarter. Cooke & Bieler LP raised its stake in shares of Open Text by 4.2% during the fourth quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock worth $200,345,000 after acquiring an additional 191,292 shares in the last quarter. Guardian Capital LP lifted its holdings in shares of Open Text by 5.8% in the 3rd quarter. Guardian Capital LP now owns 3,020,005 shares of the software maker’s stock worth $106,482,000 after acquiring an additional 164,552 shares during the last quarter. Finally, Cidel Asset Management Inc. boosted its stake in shares of Open Text by 7.7% in the 3rd quarter. Cidel Asset Management Inc. now owns 2,068,360 shares of the software maker’s stock valued at $72,928,000 after purchasing an additional 147,643 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Down 0.1 %

Shares of Open Text stock opened at $30.22 on Tuesday. The company’s fifty day simple moving average is $37.15 and its two-hundred day simple moving average is $38.74. Open Text Co. has a 12-month low of $28.19 and a 12-month high of $45.47. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01. The company has a market cap of $8.25 billion, a P/E ratio of 48.74 and a beta of 1.11.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be paid a $0.435 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.25. This represents a $1.74 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date of this dividend is Friday, May 31st. Open Text’s dividend payout ratio is presently 161.29%.

Wall Street Analyst Weigh In

OTEX has been the subject of several recent research reports. BMO Capital Markets downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $50.00 to $38.00 in a research note on Friday. National Bankshares dropped their target price on Open Text from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Friday. Barclays reduced their price target on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday. Scotiabank reiterated a “sector perform” rating on shares of Open Text in a research report on Friday. Finally, Jefferies Financial Group cut their target price on shares of Open Text from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Friday. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $42.25.

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.