AustralianSuper Pty Ltd Makes New $8.01 Million Investment in Open Text Co. (NASDAQ:OTEX)

AustralianSuper Pty Ltd bought a new position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 240,683 shares of the software maker's stock, valued at approximately $8,011,000. AustralianSuper Pty Ltd owned about 0.09% of Open Text as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in OTEX. Ridgewood Investments LLC bought a new position in shares of Open Text in the second quarter worth approximately $30,000. Headlands Technologies LLC bought a new stake in Open Text in the first quarter valued at $32,000. Blue Trust Inc. boosted its holdings in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock valued at $32,000 after acquiring an additional 793 shares in the last quarter. Kimelman & Baird LLC bought a new stake in Open Text in the second quarter valued at $36,000. Finally, Cromwell Holdings LLC boosted its holdings in 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 acquiring an additional 380 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Stock Down 11.2 %

Shares of OTEX traded down $3.78 during trading hours on Thursday, hitting $30.00. The company had a trading volume of 1,337,827 shares, compared to its average volume of 631,920. The firm has a fifty day moving average price of $32.84 and a 200-day moving average price of $31.63. 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 $7.97 billion, a price-to-earnings ratio of 17.70 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 posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. Open Text's quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.79 EPS. On average, equities research analysts forecast that Open Text Co. will post 3.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on OTEX shares. Citigroup lifted their price target on shares of Open Text from $32.00 to $34.00 and gave the company a "neutral" rating in a report on Wednesday, September 25th. National Bank Financial cut shares of Open Text from an "outperform" rating to a "sector perform" rating in a report on Friday, August 2nd. BMO Capital Markets cut their price target 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. National Bankshares cut shares of Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price target on the stock. in a report on Friday, August 2nd. Finally, Barclays lowered their price objective on Open Text from $38.00 to $36.00 and set an "equal weight" rating for the company in a research report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $38.89.

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.