Quantbot Technologies LP Takes Position in Open Text Co. (NASDAQ:OTEX)

Quantbot Technologies LP purchased a new position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 29,321 shares of the software maker's stock, valued at approximately $830,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in OTEX. IFP Advisors Inc boosted its position in Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after buying an additional 515 shares during the period. Blue Trust Inc. raised its position in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after purchasing an additional 398 shares during the last quarter. Generali Asset Management SPA SGR purchased a new stake in Open Text in the 4th quarter worth approximately $62,000. Allworth Financial LP increased its stake in shares of Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock valued at $73,000 after buying an additional 439 shares during the period. Finally, Plato Investment Management Ltd bought a new position in shares of Open Text during the fourth quarter valued at approximately $138,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on OTEX shares. Barclays boosted their price target on shares of Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. Royal Bank of Canada cut their price target on shares of Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a report on Friday, February 7th. UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 target price for the company. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Finally, Citigroup upped their price objective on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Open Text presently has an average rating of "Hold" and a consensus price target of $35.18.

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Open Text Stock Performance

Shares of OTEX traded down $1.20 during trading hours on Friday, reaching $25.29. 1,018,281 shares of the company traded hands, compared to its average volume of 769,874. Open Text Co. has a 12-month low of $24.86 and a 12-month high of $39.00. The stock has a market capitalization of $6.65 billion, a P/E ratio of 10.28 and a beta of 1.17. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The business has a fifty day moving average price of $27.38 and a 200-day moving average price of $29.51.

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

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.15%. This is a positive change from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text's dividend payout ratio is presently 42.68%.

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.