Boston Partners Sells 9,280 Shares of Open Text Co. (NASDAQ:OTEX)

Boston Partners reduced its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 15.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 50,857 shares of the software maker’s stock after selling 9,280 shares during the quarter. Boston Partners’ holdings in Open Text were worth $1,975,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTEX. Vanguard Group Inc. raised its position in shares of Open Text by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after acquiring an additional 135,812 shares during the period. FIL Ltd grew its position in shares of Open Text by 25.7% in the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock valued at $380,696,000 after purchasing an additional 1,853,891 shares during the period. Beutel Goodman & Co Ltd. raised its holdings in Open Text by 9.9% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after buying an additional 782,885 shares during the period. First Trust Advisors LP lifted its stake in Open Text by 1.1% in the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock valued at $292,817,000 after buying an additional 74,481 shares in the last quarter. Finally, Cooke & Bieler LP boosted its holdings in shares of Open Text by 4.2% in the fourth quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock valued at $200,345,000 after buying an additional 191,292 shares during the period. 70.37% of the stock is owned by institutional investors.

Open Text Stock Performance

NASDAQ:OTEX traded down $2.00 on Friday, hitting $28.49. The company’s stock had a trading volume of 1,139,908 shares, compared to its average volume of 580,666. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 2.01. Open Text Co. has a one year low of $27.54 and a one year high of $45.47. The stock has a fifty day moving average of $30.01 and a two-hundred day moving average of $34.82. The firm has a market capitalization of $7.63 billion, a P/E ratio of 45.95 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. Open Text had a return on equity of 25.22% and a net margin of 8.06%. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. Research analysts predict that Open Text Co. will post 3.18 earnings per share for the current year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.70%. The ex-dividend date is Friday, August 30th. Open Text’s payout ratio is 161.29%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. CIBC cut their price objective on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. BMO Capital Markets reduced their price objective on Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a research report on Friday. StockNews.com upgraded Open Text from a “hold” rating to a “buy” rating in a report on Saturday, May 11th. TD Securities cut their target price on Open Text from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Finally, Citigroup lowered their price objective on shares of Open Text from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Eight 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.com, the stock has an average rating of “Hold” and a consensus target price of $38.80.

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.