Wellington Management Group LLP Acquires 62,934 Shares of Open Text Co. (NASDAQ:OTEX)

Wellington Management Group LLP lifted its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 31.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 263,239 shares of the software maker’s stock after acquiring an additional 62,934 shares during the period. Wellington Management Group LLP’s holdings in Open Text were worth $7,446,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. IFP Advisors Inc raised its position in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. grew its holdings in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after buying an additional 398 shares during the last quarter. Generali Asset Management SPA SGR bought a new position in Open Text in the 4th quarter valued at about $62,000. Allworth Financial LP boosted its stake in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text in the fourth quarter worth approximately $105,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Down 2.4 %

Shares of OTEX stock opened at $24.69 on Friday. Open Text Co. has a 1 year low of $22.79 and a 1 year high of $36.39. The company’s fifty day simple moving average is $26.43 and its two-hundred day simple moving average is $28.92. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $6.49 billion, a price-to-earnings ratio of 10.04 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced 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 net margin of 12.21% and a return on equity of 23.23%. As a group, analysts anticipate 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. Stockholders of record on Friday, March 7th were given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date was Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio (DPR) is 42.68%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OTEX shares. Barclays upped their price target on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. TD Securities reduced their target price on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. UBS Group began coverage on Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, Citigroup lifted their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Nine research 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 an average rating of “Hold” and an average target price of $35.18.

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.