Easterly Investment Partners LLC Has $13.50 Million Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Easterly Investment Partners LLC lowered its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 6.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 476,588 shares of the software maker's stock after selling 33,212 shares during the period. Open Text makes up 1.1% of Easterly Investment Partners LLC's portfolio, making the stock its 23rd biggest position. Easterly Investment Partners LLC owned about 0.18% of Open Text worth $13,497,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. IFP Advisors Inc grew its stake in shares of 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 buying an additional 515 shares in the last quarter. Blue Trust Inc. grew its position in Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after acquiring an additional 398 shares in the last quarter. Generali Asset Management SPA SGR acquired a new position in shares of Open Text during the 4th quarter worth $62,000. Allworth Financial LP raised its holdings in shares of Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock valued at $73,000 after purchasing an additional 439 shares in the last quarter. Finally, Plato Investment Management Ltd acquired a new stake in shares of Open Text in the 4th quarter valued at $138,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Remove Ads

Open Text Stock Performance

OTEX stock traded down $0.03 during trading on Monday, reaching $25.26. 325,362 shares of the stock were exchanged, compared to its average volume of 768,310. The stock has a 50 day simple moving average of $27.38 and a 200-day simple moving average of $29.49. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $6.64 billion, a P/E ratio of 10.26 and a beta of 1.17. Open Text Co. has a twelve month low of $24.62 and a twelve month high of $39.00.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating 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, sell-side analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a $0.2625 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a yield of 4.16%. This is a boost from Open Text's previous quarterly dividend of $0.26. Open Text's payout ratio is presently 42.68%.

Wall Street Analyst Weigh In

OTEX has been the topic of several analyst reports. Citigroup increased their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. StockNews.com lowered Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Barclays upped their target price on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research report on Friday, February 7th. TD Securities dropped their price target on shares of Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Sunday, February 9th. Finally, UBS Group assumed coverage on shares of Open Text in a report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $35.18.

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.