MQS Management LLC Purchases New Position in Open Text Co. (NASDAQ:OTEX)

MQS Management LLC purchased a new stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,373 shares of the software maker’s stock, valued at approximately $252,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OTEX. BNP Paribas Financial Markets grew its position in shares of Open Text by 57.7% in the 4th quarter. BNP Paribas Financial Markets now owns 11,888 shares of the software maker’s stock valued at $500,000 after buying an additional 4,351 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Open Text by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 656,340 shares of the software maker’s stock worth $27,580,000 after purchasing an additional 8,603 shares during the last quarter. Norges Bank acquired a new stake in shares of Open Text during the fourth quarter worth about $139,600,000. Assetmark Inc. purchased a new stake in shares of Open Text in the 4th quarter valued at about $48,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Open Text in the 4th quarter valued at about $393,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Down 0.1 %

Shares of OTEX stock opened at $32.76 on Friday. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The firm has a fifty day moving average of $31.38 and a 200-day moving average of $32.60. The company 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 released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.05. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.79 EPS. As a group, equities research analysts predict that Open Text Co. will post 3.23 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The firm 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. The ex-dividend date was Friday, August 30th. This represents a $0.77 annualized dividend and a dividend yield of 2.34%. Open Text’s dividend payout ratio is currently 169.35%.

Wall Street Analyst Weigh In

OTEX has been the subject of a number of research reports. 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 note on Friday, August 2nd. Citigroup reduced their price target on shares of Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. BMO Capital Markets lowered their price objective on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research report on Friday, August 2nd. National Bank Financial lowered shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Finally, Jefferies Financial Group decreased their target price on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.60.

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.