35,300 Shares in Open Text Co. (NASDAQ:OTEX) Purchased by Mork Capital Management LLC

Mork Capital Management LLC acquired a new position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 35,300 shares of the software maker's stock, valued at approximately $1,000,000.

Other hedge funds have also modified their holdings of the company. Choreo LLC bought a new position in Open Text in the fourth quarter valued at approximately $564,000. Franklin Resources Inc. grew its stake in Open Text by 19.9% in the third quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker's stock valued at $7,086,000 after purchasing an additional 34,135 shares in the last quarter. Canoe Financial LP grew its stake in Open Text by 127.3% in the fourth quarter. Canoe Financial LP now owns 150,000 shares of the software maker's stock valued at $4,242,000 after purchasing an additional 84,000 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Open Text in the fourth quarter valued at approximately $2,372,000. Finally, Allspring Global Investments Holdings LLC grew its stake in Open Text by 30.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker's stock valued at $4,705,000 after purchasing an additional 39,266 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. CIBC decreased their price target on Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Barclays decreased their price target on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. BMO Capital Markets reduced their target price on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research note on Friday, May 2nd. Citigroup lifted their target price on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. Finally, TD Securities reduced their target price on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research note on Sunday, February 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Open Text presently has a consensus rating of "Hold" and a consensus target price of $32.30.

Open Text Stock Up 0.6%

Shares of NASDAQ:OTEX traded up $0.17 on Friday, reaching $28.14. The company had a trading volume of 1,456,760 shares, compared to its average volume of 835,326. Open Text Co. has a 52-week low of $22.79 and a 52-week high of $34.20. The firm's 50 day simple moving average is $25.99 and its 200-day simple moving average is $27.77. The firm has a market capitalization of $7.31 billion, a PE ratio of 11.44 and a beta of 1.15. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.28 billion. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The firm's revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 EPS. As a group, analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a $0.2625 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 annualized dividend and a dividend yield of 3.73%. Open Text's dividend payout ratio (DPR) is presently 42.86%.

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.