Arrowstreet Capital Limited Partnership Sells 741,476 Shares of Open Text Corporation $OTEX

Arrowstreet Capital Limited Partnership decreased its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 16.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,681,347 shares of the software maker’s stock after selling 741,476 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Open Text were worth $119,914,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. boosted 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 acquiring an additional 229,758 shares during the period. First Trust Advisors LP boosted its stake in shares of Open Text by 27.3% in the fourth quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock worth $374,394,000 after acquiring an additional 2,466,264 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Open Text by 11.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock worth $349,978,000 after buying an additional 1,122,320 shares in the last quarter. Brandes Investment Partners LP lifted its position in shares of Open Text by 1.2% in the fourth quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock worth $296,679,000 after buying an additional 106,766 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. lifted its position in shares of Open Text by 0.5% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 5,681,093 shares of the software maker’s stock worth $185,260,000 after buying an additional 27,825 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wall Street Zen upgraded Open Text from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Scotiabank decreased their target price on 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. Raymond James Financial decreased their price objective on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. Citigroup decreased their price objective on 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, National Bank Financial decreased their price objective on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $33.67.

Open Text Trading Down 0.8%

Shares of NASDAQ OTEX opened at $22.06 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 business’s 50 day moving average price is $22.94 and its 200-day moving average price is $26.29. Open Text Corporation has a fifty-two week low of $20.00 and a fifty-two week high of $39.90. The company has a market cap of $5.35 billion, a price-to-earnings ratio of 10.76 and a beta of 1.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results 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 firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the business posted $0.82 earnings per share. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, sell-side analysts expect that Open Text Corporation will post 4.05 earnings per share for the current year.

Open Text Dividend Announcement

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 issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Friday, June 5th. Open Text’s dividend payout ratio is presently 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.