Harris Associates L P Sells 85,350 Shares of Open Text Co. (NASDAQ:OTEX)

Harris Associates L P lowered its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,804,392 shares of the software maker’s stock after selling 85,350 shares during the period. Harris Associates L P owned 4.82% of Open Text worth $426,178,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTEX. AustralianSuper Pty Ltd bought a new stake in shares of Open Text in the third quarter worth about $8,011,000. The Manufacturers Life Insurance Company grew its stake in Open Text by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after acquiring an additional 63,620 shares during the period. Natixis Advisors LLC purchased a new stake in shares of Open Text in the third quarter valued at approximately $1,467,000. Access Investment Management LLC acquired a new stake in shares of Open Text during the third quarter valued at about $6,509,000. Finally, Ontario Teachers Pension Plan Board raised its position in Open Text by 105.8% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 39,885 shares of the software maker’s stock valued at $1,328,000 after purchasing an additional 20,503 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Scotiabank cut their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. Citigroup cut their price objective on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. TD Securities decreased their target price on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Barclays reduced their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Open Text presently has a consensus rating of “Hold” and an average price target of $35.90.

Open Text Trading Down 0.5 %

Open Text stock opened at $30.28 on Tuesday. The firm’s 50 day moving average price is $31.64 and its two-hundred day moving average price is $31.01. Open Text Co. has a 1 year low of $27.50 and a 1 year high of $45.47. The firm has a market cap of $8.05 billion, a price-to-earnings ratio of 17.50 and a beta of 1.11. 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 (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter last year, the business posted $0.90 earnings per share. Open Text’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, research analysts predict that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be issued a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.46%. This is a boost from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio (DPR) is presently 60.69%.

Open Text Company 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.