Open Text Co. (NASDAQ:OTEX) Shares Sold by Korea Investment CORP

Korea Investment CORP reduced its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 45.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 90,744 shares of the software maker’s stock after selling 76,800 shares during the quarter. Korea Investment CORP’s holdings in Open Text were worth $2,567,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after buying an additional 515 shares during the last quarter. Blue Trust Inc. grew its stake in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after acquiring an additional 398 shares in the last quarter. Generali Asset Management SPA SGR purchased a new position in Open Text in the 4th quarter worth approximately $62,000. Allworth Financial LP lifted its stake in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after purchasing an additional 439 shares in the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in shares of Open Text in the fourth quarter valued at approximately $138,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ OTEX opened at $25.36 on Wednesday. The company has a market cap of $6.66 billion, a P/E ratio of 10.31 and a beta of 1.17. Open Text Co. has a 1-year low of $24.61 and a 1-year high of $38.56. 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 50-day moving average of $27.27 and a two-hundred day moving average of $29.39.

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, 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%. As a group, analysts anticipate 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. This represents a $1.05 annualized dividend and a yield of 4.14%. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text’s payout ratio is presently 42.68%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada reduced their price objective on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. UBS Group initiated coverage on shares of Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective for the company. Barclays boosted their target price on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Finally, Citigroup raised 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. According to data from MarketBeat, Open Text currently has an average rating of “Hold” and a consensus target price of $35.18.

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.