Forsta AP Fonden Purchases 121,500 Shares of Open Text Co. (NASDAQ:OTEX)

Forsta AP Fonden increased its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 157.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 198,500 shares of the software maker's stock after purchasing an additional 121,500 shares during the period. Forsta AP Fonden owned approximately 0.07% of Open Text worth $6,615,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of OTEX. Cromwell Holdings LLC raised its holdings in shares of Open Text by 29.6% in the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock valued at $55,000 after purchasing an additional 380 shares during the last quarter. Legacy Wealth Asset Management LLC acquired a new stake in Open Text in the 3rd quarter valued at $651,000. Assenagon Asset Management S.A. lifted its position in Open Text by 1.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker's stock worth $629,000 after buying an additional 322 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in shares of Open Text by 4.0% during the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 253,184 shares of the software maker's stock worth $8,304,000 after buying an additional 9,725 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Open Text in the 3rd quarter valued at about $465,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

OTEX has been the topic of several analyst reports. National Bankshares lowered 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. National Bank Financial downgraded Open Text from an "outperform" rating to a "sector perform" rating in a report on Friday, August 2nd. Barclays lowered their target price on shares of Open Text from $38.00 to $36.00 and set an "equal weight" rating on the stock in a report on Monday, August 5th. Jefferies Financial Group cut their price target on shares of Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. Finally, BMO Capital Markets dropped their target price on shares of Open Text from $38.00 to $33.00 and set a "market perform" rating on the stock in a report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $38.89.

Open Text Stock Performance

Shares of Open Text stock traded up $0.09 during trading on Tuesday, reaching $33.84. The company's stock had a trading volume of 446,499 shares, compared to its average volume of 629,283. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47. The firm has a market cap of $8.99 billion, a PE ratio of 19.74 and a beta of 1.12. The business's 50-day moving average price is $32.76 and its 200-day moving average price is $31.63. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced 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. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The business's revenue was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.79 EPS. Equities analysts forecast that Open Text Co. will post 3.23 earnings per share for the current year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Friday, August 30th. Open Text's dividend payout ratio (DPR) is currently 61.40%.

About Open Text

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.