Open Text Co. (NASDAQ:OTEX) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 20.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 110,265 shares of the software maker’s stock after selling 28,418 shares during the period. Wellington Management Group LLP’s holdings in Open Text were worth $4,657,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in OTEX. Mariner LLC grew its position in Open Text by 8.2% during the third quarter. Mariner LLC now owns 28,032 shares of the software maker’s stock worth $984,000 after buying an additional 2,134 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of Open Text in the 3rd quarter worth approximately $2,630,000. Schonfeld Strategic Advisors LLC increased its stake in Open Text by 247.9% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 29,400 shares of the software maker’s stock valued at $1,032,000 after purchasing an additional 20,949 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Open Text by 4.1% during the third quarter. Advisors Asset Management Inc. now owns 20,220 shares of the software maker’s stock worth $710,000 after purchasing an additional 796 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Open Text by 48.4% during the third quarter. Legal & General Group Plc now owns 1,606,093 shares of the software maker’s stock worth $56,627,000 after purchasing an additional 524,009 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OTEX. Jefferies Financial Group dropped their price target on Open Text from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. TD Securities cut their target price on shares of Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. CIBC lowered their price target on shares of Open Text from $38.50 to $36.00 and set a “neutral” rating on the stock in a research report on Friday, June 21st. Citigroup cut their price objective on Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, StockNews.com upgraded Open Text from a “hold” rating to a “buy” rating in a report on Saturday, May 11th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Open Text presently has an average rating of “Moderate Buy” and a consensus target price of $41.50.

Open Text Stock Performance

NASDAQ:OTEX opened at $30.04 on Friday. The firm’s fifty day simple moving average is $30.69 and its 200 day simple moving average is $36.64. 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 twelve month low of $27.54 and a twelve month high of $45.47. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 48.45 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Open Text had a return on equity of 24.45% and a net margin of 2.85%. As a group, equities research analysts expect that Open Text Co. will post 3.79 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st were paid a dividend of $0.435 per share. The ex-dividend date was Friday, May 31st. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.79%. This is a positive change from Open Text’s previous quarterly dividend of $0.25. Open Text’s dividend payout ratio (DPR) is currently 159.68%.

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.