Cooke & Bieler LP Reduces Stock Position in Open Text Corporation $OTEX

Cooke & Bieler LP cut its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 29.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,279,661 shares of the software maker’s stock after selling 1,761,347 shares during the period. Open Text comprises approximately 1.7% of Cooke & Bieler LP’s holdings, making the stock its 18th largest position. Cooke & Bieler LP’s holdings in Open Text were worth $159,974,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Sagard Holdings Management Inc. purchased a new stake in Open Text during the second quarter valued at $30,000. MAI Capital Management grew its stake in shares of Open Text by 58.7% during the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock valued at $47,000 after purchasing an additional 590 shares during the period. Cromwell Holdings LLC increased its position in shares of Open Text by 27.4% during the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after purchasing an additional 352 shares during the last quarter. WealthCollab LLC lifted its stake in shares of 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 during the period. Finally, Osaic Holdings Inc. boosted its holdings in shares of Open Text by 108.8% in the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after buying an additional 937 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Trading Down 0.3%

Shares of OTEX stock opened at $28.85 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $7.26 billion, a price-to-earnings ratio of 15.10 and a beta of 1.08. Open Text Corporation has a 12-month low of $22.79 and a 12-month high of $39.90. The stock’s 50-day moving average price is $32.65 and its 200-day moving average price is $33.70.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. Open Text had a return on equity of 23.44% and a net margin of 9.60%.The company’s revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS. Equities research analysts predict that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.10 dividend on an annualized basis and a yield of 3.8%. Open Text’s dividend payout ratio is presently 57.59%.

Analyst Ratings Changes

Several research analysts have weighed in on OTEX shares. CIBC decreased their price target on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Friday, January 16th. Zacks Research downgraded Open Text from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. National Bankshares set a $45.00 price target on Open Text and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Barclays lifted their price objective on Open Text from $33.00 to $39.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 21st. Finally, UBS Group lifted their price target on shares of Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Three equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, Open Text has an average rating of “Hold” and a consensus target price of $39.00.

Open Text Company 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.