Cooke & Bieler LP Sells 3,076,710 Shares of Open Text Corporation $OTEX

Cooke & Bieler LP reduced its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 71.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,202,951 shares of the software maker’s stock after selling 3,076,710 shares during the period. Cooke & Bieler LP’s holdings in Open Text were worth $39,192,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in shares of Open Text by 2.6% in the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock worth $527,000 after purchasing an additional 460 shares in the last quarter. WealthCollab LLC lifted its stake in Open Text by 39.5% during the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Open Text by 39.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after acquiring an additional 570 shares in the last quarter. Access Investment Management LLC lifted its stake in Open Text by 0.3% during the 3rd quarter. Access Investment Management LLC now owns 199,835 shares of the software maker’s stock valued at $7,470,000 after acquiring an additional 590 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its stake in Open Text by 1.0% during the 2nd quarter. Lazard Asset Management LLC now owns 66,512 shares of the software maker’s stock valued at $1,942,000 after acquiring an additional 655 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OTEX shares. Raymond James Financial dropped their price objective on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Royal Bank Of Canada dropped their price objective on Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Wall Street Zen upgraded Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. UBS Group set a $25.00 target price on Open Text in a research note on Friday, May 8th. Finally, TD Securities upgraded Open Text to a “hold” rating in a research note on Monday, February 2nd. Four research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $34.67.

Open Text Stock Performance

NASDAQ OTEX opened at $23.47 on Tuesday. The business’s fifty day moving average is $22.73 and its 200-day moving average is $27.46. Open Text Corporation has a one year low of $20.00 and a one year high of $39.90. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 11.45 and a beta of 1.04. 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 data on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping 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 company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the firm posted $0.82 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts predict that Open Text Corporation will post 3.98 EPS for the current year.

Open Text Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 4.7%. Open Text’s dividend payout ratio (DPR) is 53.66%.

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.