International Assets Investment Management LLC Buys New Position in Open Text Co. (NASDAQ:OTEX)

International Assets Investment Management LLC bought a new stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 13,978 shares of the software maker’s stock, valued at approximately $465,000.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Open Text by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after purchasing an additional 135,812 shares during the period. Forge First Asset Management Inc. acquired a new stake in Open Text during the 1st quarter worth approximately $2,305,000. Value Partners Investments Inc. lifted its position in Open Text by 2.2% during the 3rd quarter. Value Partners Investments Inc. now owns 2,342,166 shares of the software maker’s stock worth $77,947,000 after acquiring an additional 50,348 shares during the period. Clearbridge Investments LLC lifted its position in Open Text by 6.9% during the 2nd quarter. Clearbridge Investments LLC now owns 2,954,755 shares of the software maker’s stock worth $88,754,000 after acquiring an additional 191,271 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Open Text by 3.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 29,585 shares of the software maker’s stock worth $1,149,000 after acquiring an additional 1,056 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTEX has been the subject of a number of recent research reports. Scotiabank decreased their price objective on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. Barclays decreased their price objective on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. TD Securities decreased their price objective on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, November 1st. National Bankshares cut Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a research report on Friday, August 2nd. Finally, National Bank Financial cut Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Eight 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 currently has a consensus rating of “Hold” and a consensus target price of $35.90.

Open Text Stock Performance

NASDAQ OTEX opened at $28.90 on Wednesday. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The company has a market capitalization of $7.67 billion, a P/E ratio of 16.71 and a beta of 1.13. The business has a 50 day moving average price of $32.57 and a 200 day moving average price of $31.45. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business posted $0.90 EPS. Open Text’s quarterly revenue was down 11.0% on a year-over-year basis. Sell-side analysts expect that Open Text Co. will post 3.23 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed 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. This is an increase from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio (DPR) is presently 60.69%.

Open Text Company 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.