29,188 Open Text Corporation $OTEX Shares Acquired by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. increased its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 0.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 8,866,816 shares of the software maker’s stock after acquiring an additional 29,188 shares during the quarter. Open Text accounts for 2.6% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 13th largest holding. Letko Brosseau & Associates Inc.’s holdings in Open Text were worth $199,289,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company acquired a new stake in Open Text during the second quarter worth about $266,599,000. Royal Bank of Canada increased its holdings in Open Text by 10.9% in the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock valued at $218,920,000 after buying an additional 965,385 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Open Text by 24.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,142,610 shares of the software maker’s stock valued at $92,120,000 after buying an additional 802,276 shares in the last quarter. Cibc World Market Inc. acquired a new position in shares of Open Text in the 2nd quarter valued at approximately $70,939,000. Finally, Amundi raised its position in shares of Open Text by 154.9% in the 2nd quarter. Amundi now owns 2,260,072 shares of the software maker’s stock valued at $50,061,000 after buying an additional 1,373,295 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Price Performance

Shares of OTEX stock opened at $24.81 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.39. Open Text Corporation has a twelve month low of $19.77 and a twelve month high of $34.87. The company has a market cap of $5.99 billion, a P/E ratio of 6.04 and a beta of 0.98. The business has a fifty day simple moving average of $24.48 and a 200 day simple moving average of $23.76.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, November 5th. The software maker reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.11. Open Text had a return on equity of 25.23% and a net margin of 12.54%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm posted $1.05 earnings per share. Open Text’s revenue was down 4.0% compared to the same quarter last year. On average, sell-side analysts forecast that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.5%. Open Text’s dividend payout ratio is 42.42%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Scotia decreased their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Wall Street Zen cut shares of Open Text from a “buy” rating to a “hold” rating in a research note on Saturday, November 7th. Raymond James Financial downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $35.00 to $29.50 in a research report on Thursday, August 6th. Finally, Scotiabank lowered their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $30.72.

Open Text Profile

OpenText (NASDAQ: OTEX) develops software that helps organizations manage, secure and use business information. Its offerings include tools for content management, process automation, business-to-business data exchange, analytics, artificial intelligence and cybersecurity, delivered through cloud-based and on-premises products. Founded in 1991 and headquartered in Waterloo, Ontario, OpenText serves businesses and public-sector organizations around the world. The company’s history includes major acquisitions, including its 2023 acquisition of Micro Focus, which broadened its enterprise software portfolio.