Sumitomo Mitsui Trust Holdings Inc. Boosts Holdings in Open Text Co. (NASDAQ:OTEX)

Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 0.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 557,623 shares of the software maker’s stock after acquiring an additional 1,775 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.21% of Open Text worth $23,513,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in OTEX. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Open Text by 889.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,614,154 shares of the software maker’s stock valued at $177,919,000 after buying an additional 4,147,818 shares in the last quarter. Norges Bank bought a new stake in shares of Open Text during the 4th quarter valued at $86,857,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Open Text during the 3rd quarter valued at $49,856,000. Renaissance Technologies LLC boosted its holdings in shares of Open Text by 120.5% during the 1st quarter. Renaissance Technologies LLC now owns 1,201,716 shares of the software maker’s stock valued at $51,001,000 after buying an additional 656,800 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its holdings in shares of Open Text by 40.8% during the 1st quarter. 1832 Asset Management L.P. now owns 1,988,401 shares of the software maker’s stock valued at $76,653,000 after buying an additional 576,634 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

OTEX opened at $35.05 on Monday. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $9.55 billion, a P/E ratio of 74.58 and a beta of 1.09. The company’s 50-day simple moving average is $38.21 and its two-hundred day simple moving average is $38.76. Open Text Co. has a 52-week low of $32.04 and a 52-week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.01. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. As a group, analysts predict that Open Text Co. will post 4.14 EPS for the current year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Friday, March 1st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend was Thursday, February 29th. Open Text’s dividend payout ratio (DPR) is presently 212.77%.

Analyst Ratings Changes

A number of brokerages recently issued reports on OTEX. TD Securities upped their price target on shares of Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Citigroup dropped their price target on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $53.00 price target on shares of Open Text in a research note on Friday, February 2nd. BMO Capital Markets upped their price target on shares of Open Text from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Finally, StockNews.com upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday, February 6th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Open Text presently has an average rating of “Moderate Buy” and an average target price of $46.25.

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.