Choreo LLC Takes Position in Open Text Co. (NASDAQ:OTEX)

Choreo LLC purchased a new stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 19,833 shares of the software maker's stock, valued at approximately $564,000.

A number of other hedge funds also recently bought and sold shares of the stock. Creative Planning increased its holdings in shares of Open Text by 23.7% in the 3rd quarter. Creative Planning now owns 30,102 shares of the software maker's stock valued at $1,002,000 after acquiring an additional 5,760 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Open Text in the 3rd quarter valued at about $278,000. Net Worth Advisory Group purchased a new position in shares of Open Text in the 3rd quarter valued at about $226,000. Blue Trust Inc. increased its holdings in shares of Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock valued at $32,000 after acquiring an additional 793 shares during the last quarter. Finally, Essex LLC purchased a new position in shares of Open Text in the 3rd quarter valued at about $210,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Wall Street Analyst Weigh In

OTEX has been the topic of a number of research reports. StockNews.com downgraded Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Royal Bank of Canada dropped their price target on Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research note on Friday, February 7th. Barclays raised their price target on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. BMO Capital Markets dropped their price target on Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a research note on Friday, November 1st. Finally, TD Securities dropped their price target on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Sunday, February 9th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Open Text presently has a consensus rating of "Hold" and an average price target of $35.18.

Open Text Price Performance

OTEX stock traded down $0.31 on Friday, reaching $28.41. 572,408 shares of the company's stock were exchanged, compared to its average volume of 567,375. The stock has a fifty day moving average of $28.61 and a 200-day moving average of $30.53. Open Text Co. has a twelve month low of $26.84 and a twelve month high of $40.69. The firm has a market cap of $7.49 billion, a PE ratio of 11.55 and a beta of 1.12. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

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

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date is Friday, March 7th. This is a positive change from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio is currently 42.68%.

Open Text Company Profile

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.