Open Text Co. (NASDAQ:OTEX) Stock Holdings Lifted by Clearbridge Investments LLC

Clearbridge Investments LLC lifted its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 6.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,954,755 shares of the software maker’s stock after purchasing an additional 191,271 shares during the quarter. Clearbridge Investments LLC’s holdings in Open Text were worth $88,754,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTEX. Chase Investment Counsel Corp grew its holdings in shares of Open Text by 6.9% during the first quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock valued at $319,000 after purchasing an additional 528 shares during the last quarter. Optiver Holding B.V. bought a new position in Open Text during the 4th quarter worth $27,000. Headlands Technologies LLC acquired a new stake in Open Text in the first quarter worth $32,000. Vanguard Personalized Indexing Management LLC lifted its stake in Open Text by 5.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock valued at $524,000 after buying an additional 874 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new position in shares of Open Text during the second quarter valued at $30,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Up 0.2 %

NASDAQ OTEX opened at $32.88 on Thursday. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47. The company has a market capitalization of $8.78 billion, a P/E ratio of 53.03 and a beta of 1.11. The company’s 50 day simple moving average is $31.71 and its 200 day simple moving average is $32.27. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81.

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

Open Text Cuts Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OTEX. Citigroup lifted their price objective on shares of Open Text from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Jefferies Financial Group reduced their price objective on Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. BMO Capital Markets lowered their target price on Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research report on Friday, August 2nd. CIBC decreased their price target on Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, July 19th. Finally, National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.80.

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.