Bridges Investment Management Inc. Takes $1.25 Million Position in Open Text Co. (NASDAQ:OTEX)

Bridges Investment Management Inc. purchased a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 41,570 shares of the software maker’s stock, valued at approximately $1,249,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Letko Brosseau & Associates Inc. increased its position in shares of Open Text by 11.9% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 2,863,290 shares of the software maker’s stock worth $120,929,000 after purchasing an additional 304,677 shares in the last quarter. Vanguard Group Inc. lifted its stake in Open Text by 1.3% in the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after buying an additional 135,812 shares during the last quarter. Forge First Asset Management Inc. purchased a new stake in Open Text in the first quarter valued at approximately $2,305,000. Norges Bank acquired a new stake in shares of Open Text in the fourth quarter valued at approximately $139,600,000. Finally, FIL Ltd grew its position in shares of Open Text by 25.7% during the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after acquiring an additional 1,853,891 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OTEX has been the subject of several research reports. Barclays reduced their price target on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. BMO Capital Markets decreased their target price on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating for the company in a research note on Friday, August 2nd. CIBC lowered their price target on Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. Citigroup reduced their price objective on Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, Jefferies Financial Group lowered their target price on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $38.60.

Open Text Trading Down 0.1 %

NASDAQ:OTEX opened at $32.76 on Friday. Open Text Co. has a 1 year low of $27.50 and a 1 year high of $45.47. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average price of $31.38 and a two-hundred day moving average price of $32.60. The stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of 52.84 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The business’s revenue was down 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.79 EPS. As a group, sell-side analysts anticipate that Open Text Co. will post 3.23 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were paid a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Friday, August 30th. Open Text’s dividend payout ratio (DPR) is 169.35%.

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.