Raymond James Financial Inc. Purchases Shares of 126,130 Open Text Co. (NASDAQ:OTEX)

Raymond James Financial Inc. purchased a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 126,130 shares of the software maker's stock, valued at approximately $3,572,000.

Other institutional investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank grew its position in shares of Open Text by 169.6% during the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker's stock worth $19,173,000 after acquiring an additional 362,422 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Open Text during the 4th quarter worth $2,810,000. PDT Partners LLC purchased a new position in Open Text during the 3rd quarter worth $3,252,000. Canoe Financial LP increased its stake in Open Text by 127.3% in 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. Finally, Wedge Capital Management L L P NC purchased a new stake in shares of Open Text in the fourth quarter valued at about $2,372,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

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

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Open Text Price Performance

OTEX stock traded down $0.03 on Monday, reaching $25.26. The company had a trading volume of 1,045,478 shares, compared to its average volume of 770,972. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The company's fifty day moving average is $27.33 and its 200 day moving average is $29.44. The company has a market cap of $6.64 billion, a P/E ratio of 10.27 and a beta of 1.17. Open Text Co. has a 1 year low of $24.62 and a 1 year high of $39.00.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating 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, research analysts forecast that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, March 7th. This is an increase 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 4.16%. Open Text's payout ratio is 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.