Bridges Investment Management Inc. Trims Holdings in Open Text Corporation $OTEX

Bridges Investment Management Inc. cut its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 53.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,620 shares of the software maker’s stock after selling 22,670 shares during the quarter. Bridges Investment Management Inc.’s holdings in Open Text were worth $639,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text in the 3rd quarter worth about $33,000. WealthCollab LLC boosted its stake in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after purchasing an additional 464 shares in the last quarter. Osaic Holdings Inc. boosted its stake in Open Text by 108.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock worth $59,000 after purchasing an additional 570 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its stake in Open Text by 573.3% in the 4th quarter. Global Retirement Partners LLC now owns 1,919 shares of the software maker’s stock worth $63,000 after purchasing an additional 1,634 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $23.65 on Friday. Open Text Corporation has a fifty-two week low of $20.00 and a fifty-two week high of $39.90. The business has a 50-day simple moving average of $22.92 and a two-hundred day simple moving average of $26.82. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $5.74 billion, a price-to-earnings ratio of 11.54 and a beta of 1.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm earned $0.82 EPS. Open Text’s revenue was up 2.2% on a year-over-year basis. On average, analysts expect that Open Text Corporation will post 4.05 earnings per share for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 4.7%. Open Text’s payout ratio is 53.66%.

Analyst Upgrades and Downgrades

OTEX has been the topic of a number of analyst reports. Scotiabank dropped their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 8th. Barclays upped their price target on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Raymond James Financial dropped their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Wall Street Zen upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Finally, Royal Bank Of Canada dropped their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Four research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.