Open Text Co. (NASDAQ:OTEX) Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP lowered its position in Open Text Co. (NASDAQ:OTEX – Get Rating) (TSE:OTC) by 9.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,864 shares of the software maker’s stock after selling 1,496 shares during the period. Engineers Gate Manager LP’s holdings in Open Text were worth $367,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in OTEX. Dimensional Fund Advisors LP lifted its position in Open Text by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 418,847 shares of the software maker’s stock valued at $17,759,000 after purchasing an additional 7,288 shares during the period. Sei Investments Co. lifted its position in Open Text by 14.1% in the first quarter. Sei Investments Co. now owns 213,916 shares of the software maker’s stock valued at $9,073,000 after purchasing an additional 26,359 shares during the period. Aviva PLC acquired a new stake in Open Text in the first quarter valued at about $1,925,000. Canada Pension Plan Investment Board lifted its position in Open Text by 34.8% in the first quarter. Canada Pension Plan Investment Board now owns 309,399 shares of the software maker’s stock valued at $13,131,000 after purchasing an additional 79,800 shares during the period. Finally, Vanguard Group Inc. lifted its position in Open Text by 3.0% in the first quarter. Vanguard Group Inc. now owns 9,079,999 shares of the software maker’s stock valued at $384,993,000 after purchasing an additional 262,200 shares during the period. Institutional investors and hedge funds own 63.93% of the company’s stock.

Open Text Trading Up 3.5 %

Shares of OTEX opened at $35.61 on Tuesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.31 and a quick ratio of 2.31. The firm has a 50 day simple moving average of $33.79 and a 200-day simple moving average of $30.44. Open Text Co. has a 1-year low of $24.91 and a 1-year high of $44.10. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 29.92 and a beta of 1.04.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Friday, March 3rd will be paid a dividend of $0.243 per share. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.73%. Open Text’s dividend payout ratio (DPR) is 81.51%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on OTEX shares. StockNews.com upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research report on Monday, February 6th. Citigroup lifted their price target on shares of Open Text from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, February 6th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Open Text currently has an average rating of “Moderate Buy” and a consensus target price of $44.71.

About Open Text

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Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.