Neuberger Berman Group LLC Acquires 71,748 Shares of Open Text Co. (NASDAQ:OTEX)

Neuberger Berman Group LLC lifted its stake in Open Text Co. (NASDAQ:OTEXFree Report) (TSE:OTC) by 99.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,881 shares of the software maker’s stock after purchasing an additional 71,748 shares during the quarter. Neuberger Berman Group LLC’s holdings in Open Text were worth $6,077,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. US Bancorp DE grew its stake in shares of Open Text by 733.3% in the fourth quarter. US Bancorp DE now owns 37,898 shares of the software maker’s stock worth $1,592,000 after acquiring an additional 33,350 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in Open Text during the 4th quarter valued at about $516,000. EverSource Wealth Advisors LLC increased its stake in Open Text by 18.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after purchasing an additional 334 shares in the last quarter. Aigen Investment Management LP purchased a new position in Open Text in the fourth quarter worth about $393,000. Finally, Brandes Investment Partners LP lifted its stake in shares of Open Text by 49.0% in the fourth quarter. Brandes Investment Partners LP now owns 532,226 shares of the software maker’s stock worth $22,364,000 after buying an additional 175,020 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on OTEX shares. TD Securities decreased their price objective on shares of Open Text from $54.00 to $40.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Barclays dropped their price objective on Open Text from $44.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Raymond James decreased their target price on Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. National Bankshares dropped their price target on shares of Open Text from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $53.00 price objective on shares of Open Text in a report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.25.

Read Our Latest Stock Analysis on Open Text

Open Text Stock Performance

NASDAQ:OTEX traded down $0.28 during mid-day trading on Friday, hitting $30.07. 423,381 shares of the company traded hands, compared to its average volume of 906,024. The stock’s fifty day moving average price is $34.89 and its 200-day moving average price is $38.39. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.01. Open Text Co. has a one year low of $28.19 and a one year high of $45.47. The firm has a market cap of $8.21 billion, a price-to-earnings ratio of 48.50 and a beta of 1.10.

Open Text (NASDAQ:OTEXGet Free Report) (TSE:OTC) last released its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Open Text had a net margin of 2.85% and a return on equity of 24.45%. The company had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. Research analysts anticipate that Open Text Co. will post 3.79 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be paid a dividend of $0.435 per share. This is a boost from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.79%. Open Text’s payout ratio is 161.29%.

About Open Text

(Free Report)

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.

See Also

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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