Meritage Portfolio Management Sells 5,670 Shares of Open Text Co. (NASDAQ:OTEX)

Meritage Portfolio Management cut its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 5.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 102,735 shares of the software maker’s stock after selling 5,670 shares during the quarter. Meritage Portfolio Management’s holdings in Open Text were worth $2,909,000 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. AustralianSuper Pty Ltd purchased a new position in shares of Open Text in the third quarter valued at about $8,011,000. The Manufacturers Life Insurance Company raised its stake in Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after purchasing an additional 63,620 shares during the period. Natixis Advisors LLC purchased a new position in Open Text in the 3rd quarter worth approximately $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Open Text by 126.1% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock valued at $2,871,000 after buying an additional 48,111 shares in the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of Open Text during the third quarter valued at approximately $2,232,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. 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 downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $45.00 to $33.00 in a report on Friday, November 1st. TD Securities reduced their target price on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday. Barclays dropped their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Finally, Citigroup reduced their price objective on Open Text from $33.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.27.

Open Text Stock Performance

NASDAQ:OTEX opened at $30.39 on Thursday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s fifty day moving average is $28.92 and its 200 day moving average is $30.65. The firm has a market capitalization of $8.01 billion, a PE ratio of 17.57 and a beta of 1.12. Open Text Co. has a fifty-two week low of $26.84 and a fifty-two week high of $42.17.

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.