Open Text Co. (NASDAQ:OTEX) is Value Partners Investments Inc.'s 4th Largest Position

Value Partners Investments Inc. raised its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 2.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,342,166 shares of the software maker's stock after purchasing an additional 50,348 shares during the quarter. Open Text makes up about 2.3% of Value Partners Investments Inc.'s holdings, making the stock its 4th biggest holding. Value Partners Investments Inc. owned about 0.88% of Open Text worth $77,947,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC boosted its position in shares of Open Text by 1,699.8% during the second quarter. Cubist Systematic Strategies LLC now owns 82,577 shares of the software maker's stock valued at $2,478,000 after purchasing an additional 77,989 shares in the last quarter. Clearbridge Investments LLC lifted its position in Open Text by 6.9% during the second quarter. Clearbridge Investments LLC now owns 2,954,755 shares of the software maker's stock valued at $88,754,000 after buying an additional 191,271 shares during the period. Brandes Investment Partners LP boosted its holdings in shares of Open Text by 236.8% during 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. Kimelman & Baird LLC purchased a new stake in shares of Open Text in the 2nd quarter worth about $36,000. Finally, Creative Planning increased its stake in shares of Open Text by 23.1% in the 2nd quarter. Creative Planning now owns 24,342 shares of the software maker's stock worth $731,000 after acquiring an additional 4,570 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Open Text Stock Performance

OTEX traded down $0.24 during midday trading on Monday, hitting $32.94. 298,147 shares of the company traded hands, compared to its average volume of 650,375. The company's 50-day moving average is $31.81 and its 200 day moving average is $32.09. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $8.80 billion, a PE ratio of 53.13 and a beta of 1.12. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47.

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. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm earned $0.79 earnings per share. The firm's revenue for the quarter was down 8.6% compared to the same quarter last year. On average, research analysts expect that Open Text Co. will post 3.23 EPS for the current year.

Open Text Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were issued a $0.192 dividend. This represents a $0.77 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Friday, August 30th. Open Text's payout ratio is currently 169.35%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of a number of recent research reports. CIBC cut their price objective on shares of Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, July 19th. National Bank Financial downgraded Open Text from an "outperform" rating to a "sector perform" rating in a research note on Friday, August 2nd. Citigroup lifted their price objective on Open Text from $32.00 to $34.00 and gave the company a "neutral" rating in a research note on Wednesday, September 25th. Barclays cut their target price on Open Text from $38.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Monday, August 5th. Finally, Jefferies Financial Group lowered their price target on Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Open Text has a consensus rating of "Hold" and an average target price of $38.80.

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.