Raymond James Financial Inc. Takes Position in Open Text Co. (NASDAQ:OTEX)

Raymond James Financial Inc. acquired a new position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 126,130 shares of the software maker's stock, valued at approximately $3,572,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Cooke & Bieler LP raised its position in shares of Open Text by 6.6% during the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock valued at $178,670,000 after buying an additional 389,220 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after purchasing an additional 2,586,549 shares during the last quarter. Brandes Investment Partners LP boosted its holdings in shares of Open Text by 29.2% in the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock worth $127,557,000 after purchasing an additional 1,017,065 shares in the last quarter. Norges Bank bought a new position in shares of Open Text during the 4th quarter valued at about $93,216,000. Finally, FIL Ltd raised its holdings in shares of Open Text by 27.9% during the 4th quarter. FIL Ltd now owns 2,381,553 shares of the software maker's stock valued at $67,398,000 after buying an additional 519,004 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays cut their target price on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Citigroup increased their target price on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Royal Bank of Canada lowered their price target on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 22nd. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Finally, National Bankshares dropped their target price on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $34.09.

Open Text Price Performance

OTEX opened at $27.00 on Monday. 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 stock has a market capitalization of $7.01 billion, a PE ratio of 10.98 and a beta of 1.13. The stock's 50 day moving average price is $25.76 and its 200-day moving average price is $28.32. Open Text Co. has a 52-week low of $22.79 and a 52-week high of $36.05.

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 analysts' consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, equities research analysts predict that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $0.2625 dividend. The ex-dividend date was Friday, March 7th. This is a positive change from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 3.89%. Open Text's dividend payout ratio (DPR) is 42.68%.

Open Text 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.

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