Stifel Financial Corp Invests $2.23 Million in Open Text Co. (NASDAQ:OTEX)

Stifel Financial Corp purchased a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 67,058 shares of the software maker's stock, valued at approximately $2,232,000.

Several other hedge funds have also made changes to their positions in OTEX. Assenagon Asset Management S.A. grew its holdings in Open Text by 11.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 18,550 shares of the software maker's stock worth $557,000 after buying an additional 1,926 shares in the last quarter. Easterly Investment Partners LLC grew its position in Open Text by 44.5% in the 2nd quarter. Easterly Investment Partners LLC now owns 482,959 shares of the software maker's stock valued at $14,508,000 after buying an additional 148,738 shares in the last quarter. IMA Advisory Services Inc. bought a new position in Open Text in the 2nd quarter valued at about $770,000. Callan Family Office LLC acquired a new position in Open Text during the 2nd quarter valued at about $257,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Open Text during the 2nd quarter worth about $269,000. Institutional investors own 70.37% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on OTEX shares. StockNews.com upgraded shares of Open Text from a "buy" rating to a "strong-buy" rating in a research note on Tuesday. Barclays lowered their price target on Open Text from $36.00 to $34.00 and set an "equal weight" rating on the stock in a research report on Friday, November 1st. Scotiabank cut their price objective on Open Text from $40.00 to $35.00 and set a "sector perform" rating for the company in a report on Friday, November 1st. Royal Bank of Canada lowered Open Text from an "outperform" rating to a "sector perform" rating and lowered their target price for the stock from $45.00 to $33.00 in a report on Friday, November 1st. Finally, TD Securities dropped their price target on shares of Open Text from $40.00 to $38.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $35.55.

Open Text Trading Up 0.7 %

Shares of OTEX stock traded up $0.18 during trading hours on Friday, reaching $27.60. 1,219,193 shares of the stock traded hands, compared to its average volume of 652,304. The business has a fifty day moving average price of $30.76 and a 200 day moving average price of $30.97. Open Text Co. has a 1-year low of $27.05 and a 1-year high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $7.34 billion, a PE ratio of 15.95 and a beta of 1.11.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the company earned $0.90 earnings per share. The company's revenue for the quarter was down 11.0% on a year-over-year basis. On average, equities research analysts forecast that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.80%. Open Text's dividend payout ratio (DPR) is presently 60.69%.

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.