Blueshift Asset Management LLC Buys New Holdings in Open Text Co. (NASDAQ:OTEX)

Blueshift Asset Management LLC purchased a new position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,312 shares of the software maker's stock, valued at approximately $377,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cooke & Bieler LP boosted its holdings in shares of Open Text by 6.6% in the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock valued at $178,670,000 after purchasing an additional 389,220 shares during the period. The Manufacturers Life Insurance Company raised its position in Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker's stock valued at $187,952,000 after purchasing an additional 63,620 shares in the last quarter. Brandes Investment Partners LP lifted its holdings in shares of Open Text by 29.2% in the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock worth $127,557,000 after buying an additional 1,017,065 shares during the period. National Bank of Canada FI grew its position in shares of Open Text by 1.1% during the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker's stock worth $135,399,000 after buying an additional 46,223 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Open Text by 4.6% during the third quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker's stock valued at $46,460,000 after buying an additional 61,696 shares during the period. 70.37% of the stock is owned by institutional investors.

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Open Text Stock Up 0.9 %

NASDAQ OTEX traded up $0.23 during trading on Tuesday, hitting $27.16. The company's stock had a trading volume of 909,431 shares, compared to its average volume of 754,061. Open Text Co. has a fifty-two week low of $24.86 and a fifty-two week high of $39.87. The company has a market cap of $7.17 billion, a PE ratio of 11.04 and a beta of 1.17. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The business's 50 day simple moving average is $27.50 and its 200-day simple moving average is $29.64.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, equities analysts anticipate that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.87%. This is an increase from Open Text's previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. Open Text's dividend payout ratio is presently 42.68%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Barclays increased their target price on shares of Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. TD Securities dropped their price objective on shares of Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Sunday, February 9th. UBS Group initiated coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price objective for the company. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Finally, Citigroup boosted their price target on Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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.