9,967 Shares in Open Text Co. (NASDAQ:OTEX) Purchased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. purchased a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 9,967 shares of the software maker’s stock, valued at approximately $332,000.

Other hedge funds have also added to or reduced their stakes in the company. Saturna Capital Corp raised its holdings in Open Text by 9.7% in the third quarter. Saturna Capital Corp now owns 41,440 shares of the software maker’s stock worth $1,379,000 after purchasing an additional 3,650 shares in the last quarter. Access Investment Management LLC purchased a new position in shares of Open Text in the third quarter worth $6,509,000. Crossmark Global Holdings Inc. increased its holdings in Open Text by 1,290.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock worth $11,209,000 after buying an additional 312,567 shares in the last quarter. Bridges Investment Management Inc. boosted its holdings in shares of Open Text by 13.9% during the 3rd quarter. Bridges Investment Management Inc. now owns 47,330 shares of the software maker’s stock valued at $1,575,000 after acquiring an additional 5,760 shares during the last quarter. Finally, Easterly Investment Partners LLC raised its holdings in shares of Open Text by 5.6% during the third quarter. Easterly Investment Partners LLC now owns 509,800 shares of the software maker’s stock valued at $16,966,000 after purchasing an additional 26,841 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada downgraded Open Text from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $45.00 to $33.00 in a research note on Friday, November 1st. BMO Capital Markets decreased their price objective on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. Jefferies Financial Group reduced their price objective 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. Citigroup decreased their target price on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 1st. Finally, National Bankshares cut shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.90.

Open Text Price Performance

Shares of Open Text stock opened at $28.87 on Thursday. The stock has a 50 day moving average price of $32.07 and a 200-day moving average price of $31.04. Open Text Co. has a one year low of $27.50 and a one year high of $45.47. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 16.69 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating the consensus estimate of $0.80 by $0.13. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm’s revenue was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. Equities analysts expect that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.262 per share. 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 dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s payout ratio is currently 60.69%.

About Open Text

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.