Ossiam Boosts Stock Position in Open Text Co. (NASDAQ:OTEX)

Ossiam raised its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 18.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,539 shares of the software maker's stock after buying an additional 14,918 shares during the period. Ossiam's holdings in Open Text were worth $2,702,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Choreo LLC purchased a new position in Open Text during the 4th quarter valued at $564,000. Franklin Resources Inc. lifted its position in shares of Open Text by 19.9% during the third quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker's stock worth $7,086,000 after purchasing an additional 34,135 shares during the last quarter. Canoe Financial LP boosted its stake in shares of Open Text by 127.3% during the fourth quarter. Canoe Financial LP now owns 150,000 shares of the software maker's stock valued at $4,242,000 after purchasing an additional 84,000 shares during the period. Wedge Capital Management L L P NC bought a new position in shares of Open Text in the fourth quarter worth about $2,372,000. Finally, Allspring Global Investments Holdings LLC increased its stake in Open Text by 30.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker's stock worth $4,705,000 after buying an additional 39,266 shares during the period. Institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

Shares of OTEX traded up $0.98 during mid-day trading on Thursday, reaching $26.87. The company had a trading volume of 984,029 shares, compared to its average volume of 819,304. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a 52-week low of $22.79 and a 52-week high of $36.37. The stock has a 50 day moving average of $25.81 and a two-hundred day moving average of $28.48. The stock has a market capitalization of $6.98 billion, a P/E ratio of 10.92 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, analysts expect that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a $0.2625 dividend. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.91%. Open Text's dividend payout ratio is 42.68%.

Wall Street Analyst Weigh In

Several research firms have issued reports on OTEX. Citigroup boosted their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Barclays dropped their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Monday. StockNews.com lowered shares of Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. TD Securities cut their target price on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Sunday, February 9th. Finally, Royal Bank of Canada decreased their price target on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research note on Tuesday. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $34.45.

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.