Vest Financial LLC Purchases New Shares in Open Text Co. (NASDAQ:OTEX)

Vest Financial LLC purchased a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,434 shares of the software maker's stock, valued at approximately $267,000.

Other large investors have also recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Open Text during the fourth quarter worth about $2,810,000. Choreo LLC acquired a new position in Open Text during the fourth quarter worth about $564,000. Blue Trust Inc. grew its position in Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares during the period. DGS Capital Management LLC grew its position in Open Text by 2.0% during the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock worth $750,000 after buying an additional 530 shares during the period. Finally, Avior Wealth Management LLC grew its position in Open Text by 11.5% during the fourth quarter. Avior Wealth Management LLC now owns 44,662 shares of the software maker's stock worth $1,265,000 after buying an additional 4,600 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Trading Up 1.5 %

NASDAQ:OTEX traded up $0.42 during trading hours on Thursday, reaching $28.72. 957,071 shares of the company were exchanged, compared to its average volume of 690,392. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 11.67 and a beta of 1.12. Open Text Co. has a 52-week low of $26.84 and a 52-week high of $40.69. The stock has a 50 day simple moving average of $28.72 and a 200 day simple moving average of $30.56.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts' consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. As a group, analysts predict that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date is Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio (DPR) is currently 42.68%.

Analyst Upgrades and Downgrades

OTEX has been the topic of several research reports. UBS Group initiated coverage on shares of Open Text in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price target on the stock. Citigroup raised their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. BMO Capital Markets decreased their target price on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a research report on Friday, November 1st. TD Securities decreased their target price on shares of Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Sunday. Finally, Barclays raised their target price on shares of Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $35.18.

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.