Prudential PLC Acquires Shares of 9,324 Open Text Co. (NASDAQ:OTEX)

Prudential PLC bought a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the fourth quarter, Holdings Channel reports. The fund bought 9,324 shares of the software maker’s stock, valued at approximately $264,000.

Other institutional investors also recently modified their holdings of the company. BNP Paribas Financial Markets grew its stake in shares of Open Text by 3.3% in the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after acquiring an additional 351 shares during the last quarter. Blue Trust Inc. grew its position in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after purchasing an additional 398 shares during the last quarter. Allworth Financial LP increased its stake in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock worth $29,000 after buying an additional 515 shares in the last quarter. Finally, DGS Capital Management LLC grew its holdings in shares of Open Text by 2.0% during the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker’s stock valued at $750,000 after buying an additional 530 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Trading Up 0.7 %

NASDAQ:OTEX opened at $23.20 on Wednesday. Open Text Co. has a one year low of $22.79 and a one year high of $37.39. The business has a fifty day moving average price of $26.70 and a 200-day moving average price of $29.07. The firm has a market capitalization of $6.10 billion, a price-to-earnings ratio of 9.43 and a beta of 1.13. 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 the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Sell-side analysts forecast that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were given a $0.2625 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.53%. The ex-dividend date was Friday, March 7th. Open Text’s dividend payout ratio is presently 42.68%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group started coverage on Open Text in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. TD Securities dropped their price objective on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Citigroup boosted their target price on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Royal Bank of Canada dropped their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Finally, Barclays boosted their price objective on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $35.18.

Open Text Profile

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.