Open Text Co. (NASDAQ:OTEX) Stock Holdings Lowered by Metis Global Partners LLC

Metis Global Partners LLC trimmed its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 8.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,076 shares of the software maker’s stock after selling 1,238 shares during the period. Metis Global Partners LLC’s holdings in Open Text were worth $435,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. AustralianSuper Pty Ltd acquired a new stake in shares of Open Text during the 3rd quarter valued at $8,011,000. Vanguard Group Inc. raised its position in shares of Open Text by 1.3% during the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock worth $401,693,000 after purchasing an additional 135,812 shares during the period. Access Investment Management LLC purchased a new stake in shares of Open Text during the third quarter valued at $6,509,000. Value Partners Investments Inc. boosted its position in shares of Open Text by 2.2% in the 3rd quarter. Value Partners Investments Inc. now owns 2,342,166 shares of the software maker’s stock valued at $77,947,000 after purchasing an additional 50,348 shares during the period. Finally, Clearbridge Investments LLC increased its stake in Open Text by 6.9% in the 2nd quarter. Clearbridge Investments LLC now owns 2,954,755 shares of the software maker’s stock worth $88,754,000 after purchasing an additional 191,271 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Down 2.0 %

OTEX opened at $28.25 on Tuesday. The company has a market capitalization of $7.51 billion, a PE ratio of 16.66 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The business has a 50-day moving average of $32.21 and a 200-day moving average of $31.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.13. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 earnings per share. Equities research analysts forecast that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be issued a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.71%. Open Text’s dividend payout ratio is currently 60.69%.

Analysts Set New Price Targets

Several research analysts have commented on OTEX shares. Citigroup decreased their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. National Bank Financial lowered shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Barclays cut their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Scotiabank decreased their target price 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. Finally, Royal Bank of Canada lowered Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $45.00 to $33.00 in a research report on Friday, November 1st. Eight research 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.com, the company currently has a consensus rating of “Hold” and an average price target of $35.90.

Open Text 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.