CANADA LIFE ASSURANCE Co Sells 41,813 Shares of Open Text Co. (NASDAQ:OTEX)

CANADA LIFE ASSURANCE Co lowered its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 19.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 170,164 shares of the software maker’s stock after selling 41,813 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.06% of Open Text worth $6,601,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Open Text by 1.3% in the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after buying an additional 135,812 shares in the last quarter. FIL Ltd boosted its holdings in Open Text by 25.7% during the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after acquiring an additional 1,853,891 shares during the last quarter. Beutel Goodman & Co Ltd. grew its stake in shares of Open Text by 9.9% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 8,661,252 shares of the software maker’s stock worth $365,800,000 after acquiring an additional 782,885 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Open Text by 1.1% in the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock valued at $292,817,000 after purchasing an additional 74,481 shares during the last quarter. Finally, Cooke & Bieler LP lifted its position in shares of Open Text by 4.2% during the fourth quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock valued at $200,345,000 after purchasing an additional 191,292 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on OTEX shares. Citigroup cut their price target on Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Raymond James lowered their price target on shares of Open Text from $55.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Jefferies Financial Group reduced their price objective on shares of Open Text from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. National Bankshares lowered their target price on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, TD Securities cut their price target on Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $41.20.

Open Text Stock Performance

NASDAQ:OTEX opened at $31.50 on Friday. The stock has a market cap of $8.50 billion, a P/E ratio of 50.81 and a beta of 1.12. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. The business’s 50-day moving average price is $30.02 and its two-hundred day moving average price is $35.24. Open Text Co. has a twelve month low of $27.54 and a twelve month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities analysts predict that Open Text Co. will post 3.79 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, May 31st. Open Text’s dividend payout ratio is currently 161.29%.

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.