State of Tennessee Department of Treasury Sells 805 Shares of Open Text Co. (NASDAQ:OTEX)

State of Tennessee Department of Treasury reduced its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 152,806 shares of the software maker’s stock after selling 805 shares during the period. State of Tennessee Department of Treasury owned approximately 0.06% of Open Text worth $4,322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in OTEX. First Trust Advisors LP lifted its position in shares of Open Text by 9.5% during the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker’s stock valued at $205,925,000 after acquiring an additional 632,437 shares during the period. Cooke & Bieler LP grew its stake in Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock worth $178,670,000 after buying an additional 389,220 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock worth $169,555,000 after buying an additional 2,586,549 shares in the last quarter. Brandes Investment Partners LP increased its holdings in Open Text by 29.2% in the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock valued at $127,557,000 after buying an additional 1,017,065 shares during the period. Finally, Norges Bank acquired a new position in shares of Open Text in the 4th quarter valued at approximately $93,216,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $27.00 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $7.01 billion, a PE ratio of 10.98 and a beta of 1.13. The firm has a fifty day simple moving average of $25.76 and a 200 day simple moving average of $28.39. Open Text Co. has a twelve month low of $22.79 and a twelve month high of $36.25.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating 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%. On average, sell-side analysts forecast that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business 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. The ex-dividend date was Friday, March 7th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 3.89%. Open Text’s dividend payout ratio is currently 42.68%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. National Bankshares decreased their price objective on shares of Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Friday. Barclays lowered their price objective on shares of Open Text from $36.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Royal Bank of Canada cut their price objective on Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, Citigroup upped their target price on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $34.09.

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.