Livforsakringsbolaget Skandia Omsesidigt Invests $2.81 Million in Open Text Co. (NASDAQ:OTEX)

Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 99,300 shares of the software maker's stock, valued at approximately $2,810,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its holdings in Open Text by 1.1% during the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker's stock worth $187,952,000 after purchasing an additional 63,620 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Open Text by 1.1% during the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker's stock worth $135,399,000 after buying an additional 46,223 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Open Text by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker's stock valued at $46,460,000 after acquiring an additional 61,696 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Open Text by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 672,532 shares of the software maker's stock valued at $22,411,000 after acquiring an additional 11,965 shares during the last quarter. Finally, Toronto Dominion Bank raised its holdings in Open Text by 169.6% during the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker's stock worth $19,173,000 after acquiring an additional 362,422 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on OTEX. Royal Bank of Canada decreased their price target on Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a research note on Friday. BMO Capital Markets lowered their target price on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a report on Friday, November 1st. UBS Group started coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price target for the company. Scotiabank lowered their price objective on shares of Open Text from $40.00 to $35.00 and set a "sector perform" rating on the stock in a research note on Friday, November 1st. Finally, Barclays boosted their target price on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $35.18.

Open Text Stock Performance

NASDAQ:OTEX traded down $0.23 during mid-day trading on Tuesday, reaching $28.66. 894,252 shares of the company's stock were exchanged, compared to its average volume of 661,250. Open Text Co. has a one year low of $26.84 and a one year high of $41.96. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The business's fifty day simple moving average is $28.82 and its two-hundred day simple moving average is $30.60. The firm has a market capitalization of $7.56 billion, a PE ratio of 11.65 and a beta of 1.12.

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

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.66%. This is an increase from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, March 7th. Open Text's dividend payout ratio is presently 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.