Bridges Investment Management Inc. Decreases Stock Holdings in Open Text Corporation $OTEX

Bridges Investment Management Inc. trimmed its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 53.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,620 shares of the software maker’s stock after selling 22,670 shares during the quarter. Bridges Investment Management Inc.’s holdings in Open Text were worth $639,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Open Text by 2.0% in the third quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock worth $436,926,000 after buying an additional 229,758 shares during the period. First Trust Advisors LP increased its stake in shares of Open Text by 9.3% in the third quarter. First Trust Advisors LP now owns 9,027,450 shares of the software maker’s stock worth $337,445,000 after buying an additional 765,366 shares during the period. Bank of Montreal Can increased its stake in shares of Open Text by 14.1% in the third quarter. Bank of Montreal Can now owns 3,295,347 shares of the software maker’s stock worth $123,149,000 after buying an additional 406,335 shares during the period. Norges Bank purchased a new position in shares of Open Text in the fourth quarter worth $106,700,000. Finally, Geode Capital Management LLC increased its stake in shares of Open Text by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 2,680,546 shares of the software maker’s stock worth $88,929,000 after buying an additional 143,996 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OTEX. 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. Raymond James Financial decreased their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Citigroup decreased their target price on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, May 8th. Barclays lifted their price target on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Finally, Scotiabank cut their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Open Text has an average rating of “Hold” and an average target price of $33.67.

Open Text Stock Performance

NASDAQ:OTEX opened at $23.65 on Friday. The stock has a market cap of $5.74 billion, a P/E ratio of 11.54 and a beta of 1.05. The firm’s fifty day simple moving average is $22.92 and its 200 day simple moving average is $26.82. Open Text Corporation has a twelve month low of $20.00 and a twelve month high of $39.90. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 EPS. As a group, research analysts predict that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.7%. Open Text’s dividend payout ratio is currently 53.66%.

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.