Open Text Co. (NASDAQ:OTEX) Stake Raised by Wellington Management Group LLP

Wellington Management Group LLP increased its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 45.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 200,305 shares of the software maker’s stock after purchasing an additional 62,871 shares during the quarter. Wellington Management Group LLP’s holdings in Open Text were worth $6,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its stake in shares of Open Text by 11.6% in the second quarter. Assenagon Asset Management S.A. now owns 18,550 shares of the software maker’s stock worth $557,000 after purchasing an additional 1,926 shares in the last quarter. Easterly Investment Partners LLC grew its position in Open Text by 44.5% in the 2nd quarter. Easterly Investment Partners LLC now owns 482,959 shares of the software maker’s stock valued at $14,508,000 after buying an additional 148,738 shares in the last quarter. IMA Advisory Services Inc. acquired a new position in Open Text during the 2nd quarter valued at about $770,000. Callan Family Office LLC bought a new stake in shares of Open Text during the 2nd quarter worth about $257,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Open Text in the 2nd quarter worth approximately $269,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on OTEX shares. Citigroup dropped their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, November 1st. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. TD Securities decreased their target price on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Scotiabank dropped their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. Finally, BMO Capital Markets reduced their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.90.

Open Text Price Performance

OTEX stock opened at $29.57 on Tuesday. The firm has a 50-day moving average of $31.17 and a two-hundred day moving average of $31.02. The firm has a market capitalization of $7.86 billion, a PE ratio of 17.09 and a beta of 1.11. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. Open Text Co. has a one year low of $27.50 and a one year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company’s revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the business posted $0.90 EPS. On average, analysts forecast that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a dividend of $0.262 per share. The ex-dividend date is Friday, November 29th. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.54%. Open Text’s dividend payout ratio (DPR) is presently 60.69%.

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.