Wedge Capital Management L L P NC trimmed its position in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 7.0% during the 1st quarter, Holdings Channel reports. The firm owned 12,507 shares of the software maker’s stock after selling 941 shares during the period. Wedge Capital Management L L P NC’s holdings in Open Text were worth $481,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Enlightenment Research LLC bought a new stake in Open Text in the fourth quarter worth $26,000. Benjamin F. Edwards & Company Inc. bought a new stake in Open Text in the fourth quarter worth $31,000. Dubuque Bank & Trust Co. bought a new stake in Open Text in the fourth quarter worth $46,000. Lindbrook Capital LLC bought a new stake in Open Text in the fourth quarter worth $56,000. Finally, Quadrant Capital Group LLC increased its position in Open Text by 813.8% in the fourth quarter. Quadrant Capital Group LLC now owns 2,586 shares of the software maker’s stock worth $81,000 after purchasing an additional 2,303 shares during the last quarter. 68.31% of the stock is currently owned by institutional investors.

A number of analysts have recently issued reports on OTEX shares. Raymond James reissued an “outperform” rating and set a $48.00 target price on shares of Open Text in a research note on Friday, January 25th. TD Securities upped their price objective on Open Text from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, February 1st. Royal Bank of Canada upped their price objective on Open Text from $45.00 to $47.00 and gave the stock an “outperform” rating in a research report on Friday, February 1st. BMO Capital Markets set a $43.00 price objective on Open Text and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Finally, Mitsubishi UFJ Financial Group upped their price objective on Open Text to $43.00 in a research report on Monday, February 4th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $45.60.

Shares of NASDAQ:OTEX traded up $0.33 during midday trading on Thursday, reaching $40.26. 126,803 shares of the company’s stock traded hands, compared to its average volume of 470,037. Open Text Corp has a 1 year low of $30.99 and a 1 year high of $40.49. The firm has a market capitalization of $10.70 billion, a price-to-earnings ratio of 44.12 and a beta of 0.54. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 1.38.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Wednesday, May 1st. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.19. Open Text had a return on equity of 7.31% and a net margin of 9.57%. The firm had revenue of $719.10 million for the quarter, compared to analyst estimates of $710.47 million. During the same quarter last year, the firm posted $0.54 EPS. The business’s revenue was up 4.8% on a year-over-year basis. On average, sell-side analysts expect that Open Text Corp will post 1.16 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, May 31st will be given a dividend of $0.1746 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.73%. Open Text’s dividend payout ratio (DPR) is 67.03%.

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Open Text Profile

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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