Legacy Wealth Asset Management LLC Makes New Investment in Open Text Co. (NASDAQ:OTEX)

Legacy Wealth Asset Management LLC acquired a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 19,574 shares of the software maker's stock, valued at approximately $651,000.

A number of other hedge funds also recently added to or reduced their stakes in OTEX. Ridgewood Investments LLC acquired a new position in Open Text in the second quarter valued at $30,000. Headlands Technologies LLC acquired a new position in shares of Open Text in the first quarter worth about $32,000. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock worth $32,000 after acquiring an additional 793 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in Open Text during the second quarter valued at approximately $36,000. Finally, UniSuper Management Pty Ltd raised its stake in Open Text by 105.3% during the first quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker's stock valued at $151,000 after buying an additional 2,000 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OTEX has been the subject of a number of recent analyst reports. National Bankshares lowered Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price objective for the company. in a report on Friday, August 2nd. Citigroup increased their target price on Open Text from $32.00 to $34.00 and gave the company a "neutral" rating in a report on Wednesday, September 25th. BMO Capital Markets reduced their target price on Open Text from $38.00 to $33.00 and set a "market perform" rating for the company in a report on Friday, August 2nd. Jefferies Financial Group cut their price objective on Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 2nd. Finally, Barclays cut their price objective on Open Text from $38.00 to $36.00 and set an "equal weight" rating for the company in a report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $38.89.

Open Text Stock Performance

Shares of OTEX stock traded down $0.04 during trading on Friday, reaching $33.28. 358,517 shares of the company's stock were exchanged, compared to its average volume of 630,027. 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's fifty day moving average price is $32.74 and its 200-day moving average price is $31.67. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47. The stock has a market capitalization of $8.84 billion, a PE ratio of 19.46 and a beta of 1.12.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. The business's revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Open Text Co. will post 3.23 EPS for the current year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were given a dividend of $0.192 per share. The ex-dividend date was Friday, August 30th. This represents a $0.77 annualized dividend and a dividend yield of 2.31%. Open Text's payout ratio is 61.40%.

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.