Easterly Investment Partners LLC Acquires 26,841 Shares of Open Text Co. (NASDAQ:OTEX)

Easterly Investment Partners LLC boosted its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 5.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 509,800 shares of the software maker's stock after buying an additional 26,841 shares during the quarter. Open Text makes up approximately 1.4% of Easterly Investment Partners LLC's investment portfolio, making the stock its 11th largest position. Easterly Investment Partners LLC owned approximately 0.19% of Open Text worth $16,966,000 at the end of the most recent quarter.

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

Open Text Trading Down 1.2 %

NASDAQ OTEX traded down $0.35 on Friday, reaching $29.25. The company had a trading volume of 775,331 shares, compared to its average volume of 552,967. The firm has a market cap of $7.78 billion, a price-to-earnings ratio of 16.91 and a beta of 1.13. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The business has a 50 day moving average of $32.42 and a two-hundred day moving average of $31.38. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted 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 business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. Open Text's quarterly revenue was down 11.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. Analysts forecast that Open Text Co. will post 3.23 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.262 per share. This is an increase from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date is Friday, November 29th. Open Text's dividend payout ratio (DPR) is presently 60.69%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. National Bankshares cut Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price target for the company. in a research note on Friday, August 2nd. TD Securities cut their target price on Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a research note on Friday, November 1st. BMO Capital Markets cut their target price on Open Text from $33.00 to $32.00 and set a "market perform" rating for the company in a research note on Friday, November 1st. National Bank Financial cut Open Text from an "outperform" rating to a "sector perform" rating in a research note on Friday, August 2nd. Finally, Barclays cut their target price on Open Text from $36.00 to $34.00 and set an "equal weight" rating for the company in a research note on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $35.90.

Open Text 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.