Fmr LLC reduced its position in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 31.1% during the fourth quarter, HoldingsChannel reports. The firm owned 1,490,129 shares of the software maker’s stock after selling 673,041 shares during the quarter. Fmr LLC’s holdings in Open Text were worth $48,572,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Mercantile Trust Co. lifted its position in shares of Open Text by 2.6% during the fourth quarter. First Mercantile Trust Co. now owns 11,810 shares of the software maker’s stock worth $385,000 after purchasing an additional 295 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Open Text by 5.7% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 8,373 shares of the software maker’s stock worth $273,000 after purchasing an additional 455 shares in the last quarter. CLARET ASSET MANAGEMENT Corp lifted its position in shares of Open Text by 5.8% during the fourth quarter. CLARET ASSET MANAGEMENT Corp now owns 10,021 shares of the software maker’s stock worth $327,000 after purchasing an additional 546 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Open Text by 2.9% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 19,421 shares of the software maker’s stock worth $633,000 after purchasing an additional 552 shares in the last quarter. Finally, Enlightenment Research LLC acquired a new position in shares of Open Text during the fourth quarter worth $26,000. 68.23% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have recently commented on OTEX shares. CIBC reissued an “average” rating and set a $49.00 target price on shares of Open Text in a research report on Friday, January 11th. Royal Bank of Canada boosted their target price on shares of Open Text from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Friday, February 1st. Raymond James reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Open Text in a report on Friday, January 25th. Zacks Investment Research cut shares of Open Text from a “buy” rating to a “hold” rating in a report on Saturday, February 9th. Finally, Mitsubishi UFJ Financial Group upped their price target on shares of Open Text to $43.00 in a report on Monday, February 4th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Open Text currently has a consensus rating of “Buy” and an average target price of $45.40.

OTEX opened at $38.05 on Thursday. The firm has a market capitalization of $10.29 billion, a P/E ratio of 41.81 and a beta of 0.55. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.33 and a current ratio of 1.33. Open Text Corp has a 12-month low of $30.99 and a 12-month high of $40.01.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, January 31st. The software maker reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.16. The firm had revenue of $735.23 million for the quarter, compared to analysts’ expectations of $744.81 million. Open Text had a net margin of 9.19% and a return on equity of 7.00%. As a group, equities research analysts anticipate that Open Text Corp will post 0.83 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 1st were issued a $0.116 dividend. The ex-dividend date was Thursday, February 28th. This represents a $0.46 annualized dividend and a yield of 1.22%. Open Text’s dividend payout ratio is presently 67.03%.

COPYRIGHT VIOLATION NOTICE: “Fmr LLC Sells 673,041 Shares of Open Text Corp (OTEX)” was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this story on another site, it was stolen and reposted in violation of US & international trademark and copyright law. The original version of this story can be read at https://www.thecerbatgem.com/2019/04/18/fmr-llc-sells-673041-shares-of-open-text-corp-otex.html.

Open Text Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

Featured Story: How to interpret a stock’s beta number

Want to see what other hedge funds are holding OTEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Open Text Corp (NASDAQ:OTEX) (TSE:OTC).

Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

Receive News & Ratings for Open Text Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Open Text and related companies with MarketBeat.com's FREE daily email newsletter.