Rhumbline Advisers Sells 760 Shares of Open Text Co. (NASDAQ:OTEX)

Rhumbline Advisers reduced its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 37.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,290 shares of the software maker’s stock after selling 760 shares during the period. Rhumbline Advisers’ holdings in Open Text were worth $39,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. 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 worth $401,693,000 after acquiring an additional 135,812 shares in the last quarter. FIL Ltd grew its stake in Open Text by 25.7% in the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after purchasing an additional 1,853,891 shares during the period. Guardian Capital LP raised its holdings in Open Text by 20.6% in the first quarter. Guardian Capital LP now owns 3,333,632 shares of the software maker’s stock worth $129,478,000 after purchasing an additional 568,527 shares in the last quarter. 1832 Asset Management L.P. lifted its position in Open Text by 19.6% during the first quarter. 1832 Asset Management L.P. now owns 2,873,895 shares of the software maker’s stock valued at $111,593,000 after buying an additional 471,825 shares during the period. Finally, Value Partners Investments Inc. boosted its holdings in shares of Open Text by 17.5% during the 2nd quarter. Value Partners Investments Inc. now owns 2,291,818 shares of the software maker’s stock valued at $68,846,000 after buying an additional 341,073 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Barclays lowered their price target on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. CIBC lowered their target price on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, July 19th. Jefferies Financial Group cut their price target on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. National Bank Financial cut Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Finally, Citigroup increased their target price on Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $38.80.

Open Text Trading Down 1.4 %

Shares of NASDAQ:OTEX opened at $32.82 on Wednesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The stock’s fifty day moving average price is $31.63 and its 200-day moving average price is $32.30. Open Text Co. has a 1 year low of $27.50 and a 1 year high of $45.47. The company has a market cap of $8.86 billion, a P/E ratio of 52.94 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The firm’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 EPS. Sell-side analysts expect that Open Text Co. will post 3.23 earnings per share for the current year.

Open Text Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were given a dividend of $0.192 per share. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Friday, August 30th. Open Text’s payout ratio is 169.35%.

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.