Sanctuary Advisors LLC Makes New Investment in Open Text Co. (NASDAQ:OTEX)

Sanctuary Advisors LLC acquired a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,110 shares of the software maker’s stock, valued at approximately $632,000.

Several other large investors have also recently bought and sold shares of the business. Assenagon Asset Management S.A. raised its position in Open Text by 1.7% in the third quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock worth $629,000 after acquiring an additional 322 shares in the last quarter. BNP Paribas Financial Markets raised its position in Open Text by 3.3% in the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock worth $369,000 after acquiring an additional 351 shares in the last quarter. Blue Trust Inc. grew its holdings in Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after purchasing an additional 398 shares during the last quarter. Allworth Financial LP grew its holdings in Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the last quarter. Finally, DGS Capital Management LLC grew its holdings in Open Text by 2.0% in the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker’s stock valued at $750,000 after purchasing an additional 530 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Barclays upped their target price on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Scotiabank reduced their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research report on Friday, November 1st. UBS Group assumed coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. Royal Bank of Canada reduced their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. Finally, TD Securities reduced their target price on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $35.18.

Open Text Stock Performance

Shares of OTEX stock opened at $25.82 on Friday. The company’s fifty day simple moving average is $28.22 and its 200-day simple moving average is $30.36. Open Text Co. has a 52 week low of $25.58 and a 52 week high of $40.55. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market cap of $6.82 billion, a PE ratio of 10.50 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 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 23.23%. As a group, equities research analysts anticipate that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a dividend of $0.2625 per share. This is an increase from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 4.07%. Open Text’s payout ratio is 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.