Choreo LLC Purchases Shares of 19,833 Open Text Co. (NASDAQ:OTEX)

Choreo LLC purchased a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 19,833 shares of the software maker’s stock, valued at approximately $564,000.

A number of other hedge funds have also made changes to their positions in the business. Blue Trust Inc. lifted its position in Open Text by 435.7% in the third quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares during the last quarter. Cromwell Holdings LLC lifted its holdings in shares of Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares during the last quarter. Essex LLC acquired a new stake in shares of Open Text in the 3rd quarter valued at about $210,000. Net Worth Advisory Group purchased a new position in Open Text during the 3rd quarter worth approximately $226,000. Finally, NBC Securities Inc. acquired a new position in Open Text during the third quarter worth approximately $278,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on OTEX shares. Royal Bank of Canada reduced their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Barclays increased their price objective on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. BMO Capital Markets dropped their target price on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, TD Securities dropped their price objective on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.18.

Open Text Stock Performance

Shares of OTEX opened at $28.66 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. Open Text Co. has a 52-week low of $26.84 and a 52-week high of $41.96. The company has a 50-day simple moving average of $28.82 and a 200-day simple moving average of $30.60. The company has a market capitalization of $7.56 billion, a PE ratio of 11.65 and a beta of 1.12.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. Equities research analysts predict that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.66%. This is an increase from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, March 7th. Open Text’s payout ratio is presently 42.68%.

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.