Schroder Investment Management Group lessened its stake in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 57.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 576,244 shares of the software maker’s stock after selling 793,162 shares during the quarter. Schroder Investment Management Group owned 0.22% of Open Text worth $22,814,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Trexquant Investment LP raised its holdings in Open Text by 35.8% in the 3rd quarter. Trexquant Investment LP now owns 15,344 shares of the software maker’s stock worth $495,000 after purchasing an additional 4,044 shares during the period. Legal & General Group Plc raised its holdings in Open Text by 8.5% in the 3rd quarter. Legal & General Group Plc now owns 260,614 shares of the software maker’s stock worth $8,389,000 after purchasing an additional 20,473 shares during the period. Great West Life Assurance Co. Can raised its holdings in Open Text by 50.6% in the 3rd quarter. Great West Life Assurance Co. Can now owns 2,819,976 shares of the software maker’s stock worth $90,775,000 after purchasing an additional 947,585 shares during the period. ETRADE Capital Management LLC raised its holdings in Open Text by 15.5% in the 3rd quarter. ETRADE Capital Management LLC now owns 14,433 shares of the software maker’s stock worth $466,000 after purchasing an additional 1,941 shares during the period. Finally, TimesSquare Capital Management LLC raised its holdings in Open Text by 4.4% in the 3rd quarter. TimesSquare Capital Management LLC now owns 1,667,300 shares of the software maker’s stock worth $53,837,000 after purchasing an additional 69,800 shares during the period. 66.77% of the stock is owned by institutional investors and hedge funds.
OTEX has been the subject of a number of analyst reports. Zacks Investment Research raised Open Text from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a report on Wednesday, October 18th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $40.00 price target on shares of Open Text in a report on Monday, October 30th. TD Securities upped their price target on Open Text from $38.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. Barclays increased their target price on Open Text from $54.00 to $55.00 in a report on Friday, November 3rd. Finally, BMO Capital Markets reduced their target price on Open Text from $40.00 to $38.00 in a report on Friday, November 3rd. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $42.27.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.132 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 1.64%. Open Text’s payout ratio is currently 92.98%.
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Open Text Company Profile
Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.
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