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

Wellington Management Group LLP boosted its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 45.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,305 shares of the software maker’s stock after purchasing an additional 62,871 shares during the period. Wellington Management Group LLP owned approximately 0.08% of Open Text worth $6,675,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in OTEX. Ridgewood Investments LLC acquired a new stake in shares of Open Text in the second quarter valued at about $30,000. Blue Trust Inc. raised its stake in shares of Open Text by 435.7% during the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after purchasing an additional 793 shares during the period. Kimelman & Baird LLC acquired a new position in shares of Open Text during the second quarter worth $36,000. Cromwell Holdings LLC boosted its stake in shares of Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares during the period. Finally, Essex LLC acquired a new stake in Open Text during the 3rd quarter valued at $210,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on OTEX shares. Barclays decreased their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research 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 report on Friday, November 1st. BMO Capital Markets reduced their target price on Open Text from $33.00 to $32.00 and set a “market perform” 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 for the company in a research note on Friday, November 1st. Finally, Citigroup reduced their price objective on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $35.90.

Open Text Trading Up 0.2 %

Open Text stock opened at $29.57 on Tuesday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. Open Text Co. has a 1 year low of $27.50 and a 1 year high of $45.47. The firm’s 50-day moving average is $31.17 and its 200-day moving average is $31.02. The company has a market cap of $7.86 billion, a P/E ratio of 17.09 and a beta of 1.11.

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

Open Text Increases Dividend

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