Allspring Global Investments Holdings LLC Raises Stock Position in Open Text Co. (NASDAQ:OTEX)

Allspring Global Investments Holdings LLC increased its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 14.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 136,262 shares of the software maker’s stock after purchasing an additional 17,645 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.05% of Open Text worth $5,726,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Open Text by 1.6% in the third quarter. Vanguard Group Inc. now owns 10,086,008 shares of the software maker’s stock worth $354,019,000 after purchasing an additional 154,240 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Open Text in the third quarter worth approximately $2,630,000. Canada Pension Plan Investment Board boosted its holdings in Open Text by 7.1% in the third quarter. Canada Pension Plan Investment Board now owns 837,880 shares of the software maker’s stock worth $29,543,000 after purchasing an additional 55,360 shares during the last quarter. Barclays PLC boosted its holdings in Open Text by 384.1% in the third quarter. Barclays PLC now owns 96,324 shares of the software maker’s stock worth $3,381,000 after purchasing an additional 76,426 shares during the last quarter. Finally, Harris Associates L P boosted its holdings in Open Text by 1.6% in the third quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock worth $404,144,000 after purchasing an additional 177,600 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Up 0.4 %

OTEX opened at $34.75 on Friday. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38. Open Text Co. has a fifty-two week low of $32.04 and a fifty-two week high of $45.47. The firm’s fifty day moving average is $38.34 and its 200 day moving average is $38.70. The stock has a market cap of $9.47 billion, a price-to-earnings ratio of 73.94 and a beta of 1.09.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. On average, sell-side analysts forecast that Open Text Co. will post 4.14 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Friday, March 1st were issued a $0.25 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.00 dividend on an annualized basis and a yield of 2.88%. Open Text’s dividend payout ratio is currently 212.77%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on OTEX shares. StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday, February 6th. TD Securities lifted their price target on shares of Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. CIBC lifted their price target on shares of Open Text from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. Royal Bank of Canada reiterated an “outperform” rating and set a $53.00 price target on shares of Open Text in a research note on Friday, February 2nd. Finally, Citigroup dropped their price target on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Open Text currently has an average rating of “Moderate Buy” and an average price target of $46.25.

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.