Connor Clark & Lunn Investment Management Ltd. 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 SEC. The firm purchased 307,300 shares of the software maker's stock, valued at approximately $8,685,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.12% of Open Text at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in Open Text by 3.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock valued at $369,000 after acquiring an additional 351 shares in the last quarter. Blue Trust Inc. raised its holdings in Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after acquiring an additional 398 shares in the last quarter. Allworth Financial LP raised its holdings in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock valued at $73,000 after acquiring an additional 439 shares in the last quarter. IFP Advisors Inc raised its holdings in Open Text by 103.8% in the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after acquiring an additional 515 shares in the last quarter. Finally, DGS Capital Management LLC increased its stake in shares of Open Text by 2.0% in the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock valued at $750,000 after purchasing an additional 530 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.
Open Text Trading Up 0.8 %
Shares of NASDAQ:OTEX traded up $0.22 during midday trading on Wednesday, reaching $26.31. The company's stock had a trading volume of 949,757 shares, compared to its average volume of 1,089,786. The firm has a 50 day moving average price of $27.59 and a two-hundred day moving average price of $29.79. Open Text Co. has a fifty-two week low of $24.86 and a fifty-two week high of $40.55. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 10.70 and a beta of 1.17.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results 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 23.23% and a net margin of 12.21%. As a group, analysts forecast that Open Text Co. will post 3.45 earnings per share for the current year.
Open Text Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a dividend of $0.2625 per share. This is an increase from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Friday, March 7th. Open Text's dividend payout ratio is 42.68%.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on OTEX shares. UBS Group started coverage on Open Text in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price target on the stock. StockNews.com lowered Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Royal Bank of Canada decreased 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. Citigroup lifted their price target on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Finally, TD Securities decreased 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 analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $35.18.
Get Our Latest Research Report on OTEX
Open Text Company Profile
(
Free Report)
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.
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