Bridgewater Associates LP Acquires 136,321 Shares of Open Text Co. (NASDAQ:OTEX)

Bridgewater Associates LP raised its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 361.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,047 shares of the software maker's stock after purchasing an additional 136,321 shares during the period. Bridgewater Associates LP owned 0.07% of Open Text worth $4,923,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. IFP Advisors Inc increased its stake in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares in the last quarter. Generali Asset Management SPA SGR purchased a new position in shares of Open Text in the fourth quarter worth about $62,000. Allworth Financial LP increased its stake in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after purchasing an additional 439 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Open Text in the fourth quarter worth about $105,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OTEX. Citigroup lifted their target price on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. TD Securities reduced their price objective on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research note on Sunday, February 9th. Royal Bank of Canada reduced their price objective on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research note on Tuesday. Barclays reduced their price objective on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research note on Monday. Finally, StockNews.com cut shares of Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, Open Text currently has an average rating of "Hold" and an average target price of $34.45.

Open Text Price Performance

OTEX stock traded up $0.66 during midday trading on Wednesday, reaching $26.13. The company had a trading volume of 221,706 shares, compared to its average volume of 1,116,102. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. Open Text Co. has a 1 year low of $22.79 and a 1 year high of $36.37. The company has a market capitalization of $6.78 billion, a P/E ratio of 10.62 and a beta of 1.13. The firm has a 50-day moving average price of $25.86 and a 200-day moving average price of $28.50.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping 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%. On average, research analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.02%. This is a positive change from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text's payout ratio is presently 42.68%.

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.