Clearbridge Investments LLC Sells 74,557 Shares of Open Text Corporation $OTEX

Clearbridge Investments LLC reduced its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 3.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,444,296 shares of the software maker’s stock after selling 74,557 shares during the quarter. Clearbridge Investments LLC’s holdings in Open Text were worth $79,635,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in OTEX. Goldman Sachs Group Inc. grew its stake in shares of Open Text by 75.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock worth $36,307,000 after acquiring an additional 619,527 shares in the last quarter. United Services Automobile Association bought a new position in shares of Open Text during the 1st quarter worth approximately $213,000. EverSource Wealth Advisors LLC grew its stake in shares of Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after buying an additional 570 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Open Text by 3.4% in the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock valued at $1,431,000 after buying an additional 1,612 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of Open Text by 16.8% in the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock valued at $1,360,000 after buying an additional 6,700 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Open Text Trading Down 2.6%

Shares of Open Text stock opened at $22.52 on Tuesday. The business has a fifty day simple moving average of $22.95 and a two-hundred day simple moving average of $26.68. Open Text Corporation has a 1 year low of $20.00 and a 1 year high of $39.90. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of 10.99 and a beta of 1.05. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $1.26 billion. During the same quarter last year, the firm posted $0.82 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. Research analysts forecast that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 4.9%. Open Text’s dividend payout ratio (DPR) is currently 53.66%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on OTEX shares. Barclays raised their target price on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Scotiabank decreased their target price on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. National Bank Financial decreased their target price on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Wall Street Zen raised shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Finally, Scotia decreased their target price on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, Open Text presently has a consensus rating of “Hold” and an average target price 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.