Juncture Wealth Strategies LLC purchased a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 21,883 shares of the software maker's stock, valued at approximately $728,000.
Other hedge funds have also made changes to their positions in the company. FIL Ltd raised its position in shares of Open Text by 25.7% during the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker's stock valued at $380,696,000 after buying an additional 1,853,891 shares during the last quarter. Brandes Investment Partners LP lifted its position 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 worth $55,059,000 after buying an additional 1,290,011 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Open Text by 25.1% in the 2nd 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 in the last quarter. Cooke & Bieler LP grew its position in 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 acquiring an additional 867,978 shares during the period. Finally, JARISLOWSKY FRASER Ltd lifted its holdings in shares of Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker's stock valued at $471,415,000 after acquiring an additional 767,822 shares during the period. Institutional investors and hedge funds own 70.37% of the company's stock.
Open Text Trading Up 0.2 %
Shares of NASDAQ:OTEX traded up $0.07 during midday trading on Friday, hitting $33.81. The company had a trading volume of 271,462 shares, compared to its average volume of 643,477. The firm has a fifty day simple moving average of $32.07 and a 200 day simple moving average of $32.04. The stock has a market cap of $9.13 billion, a price-to-earnings ratio of 54.53 and a beta of 1.12. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter in the previous year, the business posted $0.79 EPS. Open Text's revenue for the quarter was down 8.6% on a year-over-year basis. On average, analysts predict that Open Text Co. will post 3.23 EPS for the current year.
Open Text Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a $0.192 dividend. This represents a $0.77 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Friday, August 30th. Open Text's payout ratio is 169.35%.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the stock. Citigroup increased their target price on shares of Open Text from $32.00 to $34.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 25th. CIBC reduced their target price on Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, July 19th. BMO Capital Markets decreased their price target on Open Text from $38.00 to $33.00 and set a "market perform" rating on the stock in a research report on Friday, August 2nd. National Bank Financial downgraded Open Text from an "outperform" rating to a "sector perform" rating in a research report on Friday, August 2nd. Finally, National Bankshares cut Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 target price on the stock. in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $38.80.
Get Our Latest Research Report on OTEX
Open Text Company Profile
(
Free Report)
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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