Russell Investments Group Ltd. Has $9.94 Million Holdings in Open Text Co. (NASDAQ:OTEX)

Russell Investments Group Ltd. increased its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 4.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 351,382 shares of the software maker’s stock after buying an additional 15,357 shares during the period. Russell Investments Group Ltd.’s holdings in Open Text were worth $9,943,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. BNP Paribas Financial Markets grew its stake in Open Text by 3.3% during the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after buying an additional 351 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Open Text during the 3rd quarter worth approximately $324,000. Stifel Financial Corp bought a new position in Open Text in the third quarter valued at approximately $2,232,000. Wellington Management Group LLP raised its position in Open Text by 45.7% during the third quarter. Wellington Management Group LLP now owns 200,305 shares of the software maker’s stock valued at $6,675,000 after purchasing an additional 62,871 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Open Text during the third quarter worth $1,521,000. 70.37% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OTEX has been the subject of a number of research analyst reports. TD Securities lowered their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. UBS Group started coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price for the company. Royal Bank of Canada reduced their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Finally, Barclays raised their target price on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $35.18.

Open Text Price Performance

Shares of OTEX opened at $25.15 on Friday. The business has a 50-day moving average of $26.35 and a 200-day moving average of $28.87. Open Text Co. has a 1 year low of $22.79 and a 1 year high of $36.39. The company has a market capitalization of $6.61 billion, a price-to-earnings ratio of 10.22 and a beta of 1.13. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. As a group, equities research analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.17%. This is an increase from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text’s payout ratio is currently 42.68%.

Open Text 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.