Clearbridge Investments LLC Has $79.64 Million Stock Position in Open Text Corporation $OTEX

Clearbridge Investments LLC decreased its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 3.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,444,296 shares of the software maker’s stock after selling 74,557 shares during the period. Clearbridge Investments LLC owned 0.97% of Open Text worth $79,635,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OTEX. TD Asset Management Inc lifted its position in Open Text by 19.1% during the 4th quarter. TD Asset Management Inc now owns 2,559,128 shares of the software maker’s stock valued at $83,453,000 after purchasing an additional 411,131 shares during the period. Cibc World Market Inc. raised its position in shares of Open Text by 1.4% in the 4th quarter. Cibc World Market Inc. now owns 2,274,416 shares of the software maker’s stock valued at $74,078,000 after acquiring an additional 31,407 shares during the period. Forsta AP Fonden raised its position in shares of Open Text by 6.2% in the 4th quarter. Forsta AP Fonden now owns 63,600 shares of the software maker’s stock valued at $2,074,000 after acquiring an additional 3,700 shares during the period. Norges Bank acquired a new stake in shares of Open Text in the 4th quarter valued at approximately $106,700,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Open Text in the 4th quarter valued at approximately $217,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Raymond James Financial cut their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. Scotia 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 research report on Friday, May 8th. Royal Bank Of Canada cut their price target on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Citigroup cut their price target on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Finally, UBS Group set a $25.00 price target on shares of Open Text in a research report on Friday, May 8th. Four research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Open Text has an average rating of “Hold” and an average price target of $33.67.

Open Text Stock Performance

Shares of OTEX stock opened at $22.52 on Tuesday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $5.46 billion, a P/E ratio of 10.99 and a beta of 1.05. The company’s 50 day moving average price is $22.95 and its two-hundred day moving average price is $26.68. Open Text Corporation has a 52 week low of $20.00 and a 52 week high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the company posted $0.82 EPS. On average, analysts expect that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, June 5th. Open Text’s dividend payout ratio (DPR) is currently 53.66%.

About Open Text

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.