Crossmark Global Holdings Inc. Grows Stake in Open Text Co. (NASDAQ:OTEX)

Crossmark Global Holdings Inc. lifted its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 1,290.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 336,790 shares of the software maker's stock after buying an additional 312,567 shares during the quarter. Crossmark Global Holdings Inc. owned about 0.13% of Open Text worth $11,209,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Brandes Investment Partners LP raised its position in shares of Open Text by 236.8% in the 2nd quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker's stock valued at $55,059,000 after buying an additional 1,290,011 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Open Text by 25.1% during the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker's stock worth $167,277,000 after buying an additional 1,118,479 shares during the period. Cooke & Bieler LP increased its position in shares of Open Text by 18.6% during the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock worth $166,325,000 after buying an additional 867,978 shares during the period. JARISLOWSKY FRASER Ltd increased its position in shares of Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker's stock worth $471,415,000 after buying an additional 767,822 shares during the period. Finally, National Bank of Canada FI boosted its stake in Open Text by 17.5% during the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker's stock worth $120,390,000 after acquiring an additional 599,790 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Analyst Ratings Changes

OTEX has been the topic of a number of recent research reports. National Bank Financial lowered shares of Open Text from an "outperform" rating to a "sector perform" rating in a research note on Friday, August 2nd. Scotiabank decreased their price objective on shares of Open Text from $40.00 to $35.00 and set a "sector perform" rating for the company in a report on Friday, November 1st. National Bankshares downgraded shares of Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 target price for the company. in a research note on Friday, August 2nd. TD Securities reduced their target price on shares of Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Finally, Barclays cut their price objective on shares of Open Text from $36.00 to $34.00 and set an "equal weight" rating for the company in a research report on Friday, November 1st. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Open Text presently has an average rating of "Hold" and a consensus target price of $35.90.

Open Text Stock Performance

NASDAQ OTEX traded up $0.48 on Monday, reaching $29.73. 673,870 shares of the stock were exchanged, compared to its average volume of 640,043. Open Text Co. has a one year low of $27.50 and a one year high of $45.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $7.90 billion, a PE ratio of 17.23 and a beta of 1.13. The company's 50-day simple moving average is $32.42 and its two-hundred day simple moving average is $31.31.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business's quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 earnings per share. Analysts expect that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.262 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Friday, November 29th. This is an increase from Open Text's previous quarterly dividend of $0.19. Open Text's payout ratio is currently 60.69%.

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.