Brandes Investment Partners LP Raises Position in Open Text Co. (NASDAQ:OTEX)

Brandes Investment Partners LP grew its holdings in shares of Open Text Co. (NASDAQ:OTEXFree Report) (TSE:OTC) by 29.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,504,139 shares of the software maker’s stock after purchasing an additional 1,017,065 shares during the quarter. Open Text makes up about 1.4% of Brandes Investment Partners LP’s investment portfolio, making the stock its 23rd biggest position. Brandes Investment Partners LP owned 1.71% of Open Text worth $127,557,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in OTEX. IFP Advisors Inc increased its holdings in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after buying an additional 515 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after buying an additional 398 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after buying an additional 439 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in shares of Open Text during the 4th quarter worth $138,000. Finally, Asahi Life Asset Management CO. LTD. acquired a new stake in shares of Open Text during the 4th quarter worth $241,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX stock opened at $26.06 on Friday. 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 one year low of $24.86 and a one year high of $40.55. The company’s 50-day simple moving average is $27.69 and its 200-day simple moving average is $29.91. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 10.59 and a beta of 1.17.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Equities analysts anticipate 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 will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $0.2625 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a yield of 4.03%. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio (DPR) is currently 42.68%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OTEX shares. TD Securities lowered their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Barclays increased their price target on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Finally, UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.18.

Check Out Our Latest Analysis on OTEX

Open Text Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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