Open Text Co. (NASDAQ:OTEX) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC reduced its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,833,612 shares of the software maker’s stock after selling 65,220 shares during the quarter. Clearbridge Investments LLC owned approximately 1.07% of Open Text worth $80,248,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of OTEX. Charles Schwab Investment Management Inc. boosted its stake in shares of Open Text by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 672,532 shares of the software maker’s stock valued at $22,411,000 after purchasing an additional 11,965 shares during the period. Citigroup Inc. boosted its position in Open Text by 49.1% in the 3rd quarter. Citigroup Inc. now owns 147,185 shares of the software maker’s stock valued at $4,905,000 after buying an additional 48,496 shares during the period. Cerity Partners LLC grew its stake in shares of Open Text by 12.6% in the third quarter. Cerity Partners LLC now owns 34,307 shares of the software maker’s stock worth $1,142,000 after acquiring an additional 3,844 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Open Text by 3.3% during the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after acquiring an additional 351 shares during the period. Finally, Bridgewater Associates LP acquired a new stake in shares of Open Text in the third quarter valued at $1,257,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on OTEX shares. Royal Bank of Canada lowered their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. TD Securities reduced their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. UBS Group assumed coverage on shares of Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target for the company. Barclays raised their price objective on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Finally, Citigroup lifted their price objective on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $35.18.

Open Text Stock Performance

Shares of OTEX stock opened at $25.26 on Tuesday. The stock’s 50-day moving average is $27.33 and its two-hundred day moving average is $29.44. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. Open Text Co. has a 1 year low of $24.61 and a 1 year high of $39.00. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of 10.27 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Analysts predict that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a $0.2625 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 4.16%. Open Text’s dividend payout ratio is 42.68%.

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.