Open Text Corporation (NASDAQ:OTEX) Shares Sold by Cooke & Bieler LP

Cooke & Bieler LP cut its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 3.2% during the first quarter, HoldingsChannel reports. The fund owned 6,105,134 shares of the software maker’s stock after selling 203,833 shares during the quarter. Open Text comprises approximately 1.5% of Cooke & Bieler LP’s holdings, making the stock its 22nd biggest position. Cooke & Bieler LP’s holdings in Open Text were worth $154,216,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Parallel Advisors LLC increased its position in Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker’s stock worth $49,000 after buying an additional 1,331 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Open Text by 12.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker’s stock worth $4,735,000 after buying an additional 21,089 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Open Text during the first quarter worth about $323,000. Two Sigma Investments LP lifted its stake in Open Text by 483.2% during the fourth quarter. Two Sigma Investments LP now owns 72,906 shares of the software maker’s stock worth $2,065,000 after purchasing an additional 60,406 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Open Text during the fourth quarter worth about $3,572,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Up 1.5%

Shares of OTEX opened at $28.36 on Thursday. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $34.20. The firm has a market cap of $7.27 billion, a P/E ratio of 11.58 and a beta of 1.13. The firm’s 50-day simple moving average is $28.46 and its 200 day simple moving average is $27.45. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.86 and a current ratio of 0.86.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. Open Text had a net margin of 12.55% and a return on equity of 22.49%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business posted $0.94 EPS. The business’s revenue was down 13.3% compared to the same quarter last year. On average, analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a $0.2625 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a yield of 3.70%. Open Text’s dividend payout ratio is currently 42.86%.

Analyst Ratings Changes

OTEX has been the subject of several research analyst reports. Scotiabank dropped their price objective on shares of Open Text from $35.00 to $30.00 and set a “sector perform” rating for the company in a research report on Monday, April 28th. Citigroup boosted their price objective on shares of Open Text from $29.00 to $43.00 and gave the company a “negative” rating in a research report on Friday, May 2nd. UBS Group cut their price target on shares of Open Text from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Royal Bank Of Canada cut their price target on shares of Open Text from $31.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 22nd. Finally, National Bankshares cut their price target on shares of Open Text from $38.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Open Text currently has an average rating of “Hold” and a consensus target price of $32.30.

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.