First Trust Advisors LP Has $272.80 Million Stock Holdings in Open Text Co. (NASDAQ:OTEX)

First Trust Advisors LP boosted its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 113.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,074,513 shares of the software maker’s stock after acquiring an additional 3,753,772 shares during the period. First Trust Advisors LP’s holdings in Open Text were worth $272,799,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OTEX. Dimensional Fund Advisors LP boosted its holdings 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 worth $17,759,000 after acquiring an additional 7,288 shares in the last quarter. Sei Investments Co. boosted its holdings in Open Text by 14.1% in the first quarter. Sei Investments Co. now owns 213,916 shares of the software maker’s stock worth $9,073,000 after acquiring an additional 26,359 shares in the last quarter. Aviva PLC bought a new position in Open Text in the first quarter worth approximately $1,925,000. Canada Pension Plan Investment Board boosted its holdings 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 worth $13,131,000 after acquiring an additional 79,800 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings 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 worth $384,993,000 after acquiring an additional 262,200 shares in the last quarter. Institutional investors own 64.53% of the company’s stock.

Open Text Stock Performance

Shares of OTEX traded down $0.23 on Tuesday, reaching $39.17. 99,068 shares of the company’s stock traded hands, compared to its average volume of 559,930. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 2.13. The stock’s 50 day simple moving average is $39.83 and its two-hundred day simple moving average is $39.31. Open Text Co. has a 52-week low of $24.91 and a 52-week high of $43.25. The stock has a market cap of $10.62 billion, a PE ratio of 70.36 and a beta of 1.04.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 3rd. The software maker reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.05). Open Text had a return on equity of 19.55% and a net margin of 3.35%. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.51 billion. On average, analysts forecast that Open Text Co. will post 4.26 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 1st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Thursday, August 31st. Open Text’s dividend payout ratio is currently 178.57%.

Analyst Ratings Changes

A number of research firms have recently weighed in on OTEX. BMO Capital Markets raised their target price on Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Citigroup raised their target price on Open Text from $41.00 to $44.00 in a report on Wednesday, June 21st. Barclays raised their target price on Open Text from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, August 4th. StockNews.com initiated coverage on Open Text in a research report on Thursday, August 17th. They set a “buy” rating for the company. Finally, CIBC increased their price target on Open Text from $41.00 to $42.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Open Text has a consensus rating of “Moderate Buy” and an average price target of $46.67.

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.