BNP Paribas Financial Markets Raises Stock Position in Open Text Co. (NASDAQ:OTEX)

BNP Paribas Financial Markets increased its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,093 shares of the software maker’s stock after buying an additional 351 shares during the period. BNP Paribas Financial Markets’ holdings in Open Text were worth $369,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTEX. Assenagon Asset Management S.A. increased its stake in Open Text by 11.6% during 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 during the period. Easterly Investment Partners LLC increased its stake in Open Text by 44.5% during the 2nd quarter. Easterly Investment Partners LLC now owns 482,959 shares of the software maker’s stock worth $14,508,000 after buying an additional 148,738 shares during the period. IMA Advisory Services Inc. purchased a new stake in Open Text during the 2nd quarter worth $770,000. Callan Family Office LLC purchased a new stake in Open Text during the 2nd quarter worth $257,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Open Text during the 2nd quarter worth $269,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $45.00 to $33.00 in a report on Friday, November 1st. BMO Capital Markets decreased their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. TD Securities decreased their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, November 1st. Citigroup decreased their price objective on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Finally, Barclays decreased their price objective on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.90.

Open Text Trading Down 1.2 %

Open Text stock opened at $29.52 on Friday. 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 50-day moving average price of $31.17 and a two-hundred day moving average price of $31.01. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 17.06 and a beta of 1.11. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted 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. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. Open Text’s revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 EPS. Sell-side analysts expect that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a dividend of $0.262 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.55%. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s payout ratio is 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.