BNP Paribas Financial Markets Has $800,000 Position in Open Text Co. (NASDAQ:OTEX)

BNP Paribas Financial Markets boosted its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 154.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,233 shares of the software maker's stock after purchasing an additional 17,140 shares during the quarter. BNP Paribas Financial Markets' holdings in Open Text were worth $800,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of OTEX. Norges Bank purchased a new position in shares of Open Text during the 4th quarter valued at approximately $93,216,000. Arrowstreet Capital Limited Partnership grew its position in shares of Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock valued at $169,555,000 after purchasing an additional 2,586,549 shares during the period. Criteria Caixa S.A.U. purchased a new stake in shares of Open Text during the fourth quarter worth about $32,890,000. Brandes Investment Partners LP raised its position in shares of Open Text by 29.2% during the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock worth $127,557,000 after purchasing an additional 1,017,065 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Open Text by 9.5% during the 4th quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock worth $205,925,000 after purchasing an additional 632,437 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the company. CIBC reduced their target price on Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. BMO Capital Markets reduced their price objective 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. Scotiabank dropped their price objective on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Citigroup boosted their price objective 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, Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. One 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, the company presently has an average rating of "Hold" and an average target price of $32.30.

Open Text Stock Performance

Shares of OTEX stock traded up $0.50 during trading hours on Tuesday, reaching $28.45. The stock had a trading volume of 153,223 shares, compared to its average volume of 840,323. The firm has a 50-day simple moving average of $26.31 and a 200-day simple moving average of $27.63. The firm has a market capitalization of $7.37 billion, a PE ratio of 11.57 and a beta of 1.15. 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 twelve month low of $22.79 and a twelve month high of $34.20.

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

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Friday, June 6th. Open Text's payout ratio 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.