Open Text Co. (NASDAQ:OTEX) Shares Sold by Aviva PLC

Aviva PLC lessened its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 198,718 shares of the software maker’s stock after selling 3,780 shares during the quarter. Aviva PLC owned about 0.08% of Open Text worth $5,612,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in OTEX. BNP Paribas Financial Markets boosted its position in Open Text by 3.3% during the 3rd 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. Point72 Asset Management L.P. acquired a new position in Open Text during the 3rd quarter worth $324,000. Stifel Financial Corp acquired a new position in Open Text during the 3rd quarter worth $2,232,000. Wellington Management Group LLP boosted its position in Open Text by 45.7% during the 3rd quarter. Wellington Management Group LLP now owns 200,305 shares of the software maker’s stock worth $6,675,000 after acquiring an additional 62,871 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in Open Text during the 3rd quarter worth $1,521,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Barclays upped their price objective on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Royal Bank of Canada cut their price objective on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Citigroup boosted their target price on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus target price of $35.18.

Open Text Stock Performance

OTEX opened at $25.29 on Thursday. The stock has a 50-day moving average of $26.52 and a 200-day moving average of $28.98. Open Text Co. has a 52-week low of $22.79 and a 52-week high of $36.72. The company has a market cap of $6.65 billion, a PE ratio of 10.28 and a beta of 1.13. 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 (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. As a group, equities research analysts forecast that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a dividend of $0.2625 per share. 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 4.15%. Open Text’s dividend payout ratio is presently 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.