Open Text Co. (NASDAQ:OTEX) Position Boosted by Easterly Investment Partners LLC

Easterly Investment Partners LLC increased its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 44.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 482,959 shares of the software maker's stock after buying an additional 148,738 shares during the quarter. Open Text comprises 1.3% of Easterly Investment Partners LLC's portfolio, making the stock its 15th largest holding. Easterly Investment Partners LLC owned about 0.18% of Open Text worth $14,508,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in OTEX. Letko Brosseau & Associates Inc. lifted its position in Open Text by 11.9% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 2,863,290 shares of the software maker's stock worth $120,929,000 after purchasing an additional 304,677 shares during the period. Vanguard Group Inc. lifted its position in shares of Open Text by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker's stock valued at $401,693,000 after acquiring an additional 135,812 shares during the last quarter. Forge First Asset Management Inc. acquired a new stake in shares of Open Text during the 1st quarter valued at $2,305,000. Norges Bank acquired a new stake in shares of Open Text during the 4th quarter valued at $139,600,000. Finally, FIL Ltd lifted its position in shares of Open Text by 25.7% during the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker's stock valued at $380,696,000 after acquiring an additional 1,853,891 shares during the last quarter. 70.37% of the stock is owned by institutional investors.

Open Text Stock Up 2.3 %

Shares of NASDAQ OTEX traded up $0.73 during mid-day trading on Friday, reaching $32.59. The company had a trading volume of 513,704 shares, compared to its average volume of 670,801. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47. The stock's 50 day moving average is $30.64 and its 200-day moving average is $33.56. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $8.80 billion, a PE ratio of 52.56 and a beta of 1.12.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm's revenue was down 8.6% compared to the same quarter last year. During the same period last year, the business earned $0.79 EPS. As a group, equities analysts anticipate that Open Text Co. will post 3.18 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Friday, August 30th. Open Text's dividend payout ratio is currently 169.35%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on OTEX. National Bank Financial downgraded Open Text from an "outperform" rating to a "sector perform" rating in a research report on Friday, August 2nd. Citigroup cut their price objective on Open Text from $37.00 to $32.00 and set a "neutral" rating for the company in a research report on Wednesday, June 26th. Scotiabank reiterated a "sector perform" rating on shares of Open Text in a research report on Friday, May 3rd. TD Securities cut their target price on shares of Open Text from $54.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, May 3rd. Finally, National Bankshares downgraded shares of Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 target price on the stock. in a research note on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Open Text presently has an average rating of "Hold" and a consensus target price of $38.60.

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.

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