Open Text Co. (NASDAQ:OTEX) Shares Sold by Beutel Goodman & Co Ltd.

Beutel Goodman & Co Ltd. cut its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 9.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,542,572 shares of the software maker’s stock after selling 804,503 shares during the period. Beutel Goodman & Co Ltd. owned 2.86% of Open Text worth $213,344,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Pictet Asset Management Holding SA raised its position in shares of Open Text by 24.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 155,945 shares of the software maker’s stock worth $4,411,000 after purchasing an additional 30,585 shares during the last quarter. Norges Bank acquired a new stake in Open Text in the fourth quarter valued at approximately $93,216,000. JPMorgan Chase & Co. lifted its stake in shares of Open Text by 6.6% in the fourth quarter. JPMorgan Chase & Co. now owns 1,190,472 shares of the software maker’s stock worth $33,714,000 after acquiring an additional 73,523 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Open Text by 644.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 16,995 shares of the software maker’s stock worth $486,000 after buying an additional 14,711 shares during the last quarter. Finally, Mufg Securities Canada LTD. raised its stake in shares of Open Text by 70.6% in the 4th quarter. Mufg Securities Canada LTD. now owns 406,007 shares of the software maker’s stock valued at $11,482,000 after purchasing an additional 167,973 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on OTEX shares. Citigroup raised their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Royal Bank of Canada decreased their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. TD Securities decreased their target price on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Finally, Barclays increased their price target on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Open Text has an average rating of “Hold” and an average target price of $35.18.

Open Text Price Performance

Shares of Open Text stock opened at $25.29 on Friday. Open Text Co. has a fifty-two week low of $24.86 and a fifty-two week high of $39.00. The company has a market cap of $6.65 billion, a PE ratio of 10.28 and a beta of 1.17. The firm has a fifty day moving average price of $27.38 and a two-hundred day moving average price of $29.52. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a dividend of $0.2625 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. This represents a $1.05 annualized dividend and a dividend yield of 4.15%. Open Text’s payout ratio is 42.68%.

About Open Text

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.