Open Text Corporation $OTEX Stock Holdings Increased by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. increased its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 0.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,866,816 shares of the software maker’s stock after buying an additional 29,188 shares during the period. Open Text accounts for about 2.6% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 13th largest holding. Letko Brosseau & Associates Inc. owned 3.67% of Open Text worth $199,289,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of OTEX. Royal Bank of Canada lifted its position in Open Text by 10.9% during the first quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after acquiring an additional 965,385 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Open Text by 99.1% during the first quarter. Bank of America Corp DE now owns 1,349,545 shares of the software maker’s stock worth $30,014,000 after acquiring an additional 671,572 shares during the period. Quantinno Capital Management LP grew its position in shares of Open Text by 109.8% in the first quarter. Quantinno Capital Management LP now owns 109,717 shares of the software maker’s stock valued at $2,440,000 after purchasing an additional 57,432 shares during the last quarter. Sei Investments Co. grew its position in shares of Open Text by 47.3% in the first quarter. Sei Investments Co. now owns 255,601 shares of the software maker’s stock valued at $5,684,000 after purchasing an additional 82,049 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Open Text in the second quarter valued at approximately $980,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OTEX. Raymond James Financial cut Open Text from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $35.00 to $29.50 in a report on Thursday, August 6th. Zacks Research upgraded Open Text from a “strong sell” rating to a “hold” rating in a research note on Monday, October 5th. Wall Street Zen lowered Open Text from a “buy” rating to a “hold” rating in a report on Saturday, November 7th. UBS Group increased their price objective on Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded Open Text from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, October 14th. Three analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Open Text currently has a consensus rating of “Hold” and an average target price of $30.72.

Open Text Stock Down 0.6%

Shares of OTEX opened at $24.81 on Friday. Open Text Corporation has a 12 month low of $19.77 and a 12 month high of $34.87. The firm’s 50 day moving average is $24.48 and its 200-day moving average is $23.76. The stock has a market capitalization of $5.99 billion, a PE ratio of 6.04 and a beta of 0.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.39.

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

Open Text Announces Dividend

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

About Open Text

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.