BNP Paribas Financial Markets Boosts Stake in Open Text Co. (NASDAQ:OTEX)

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

A number of other large investors also recently modified their holdings of OTEX. IFP Advisors Inc grew its position in Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after acquiring an additional 515 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Open Text by 40.8% in the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after acquiring an additional 398 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of Open Text in the 4th quarter valued at $60,000. Generali Asset Management SPA SGR bought a new position in shares of Open Text during the 4th quarter valued at $62,000. Finally, Allworth Financial LP raised its position in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after purchasing an additional 439 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Scotiabank cut their price target on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. Royal Bank of Canada lowered their target price on Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 22nd. Barclays reduced their price target on Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. BMO Capital Markets lowered their price objective on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. Finally, Wall Street Zen raised Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $32.30.

Open Text Trading Up 1.8%

Shares of OTEX stock traded up $0.49 during trading hours on Tuesday, reaching $28.44. The company's stock had a trading volume of 2,210,058 shares, compared to its average volume of 847,866. 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 stock has a market capitalization of $7.37 billion, a P/E ratio of 11.56 and a beta of 1.15. The firm's fifty day simple moving average is $26.35 and its 200 day simple moving average is $27.63. Open Text Co. has a one year low of $22.79 and a one year high of $34.20.

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

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Friday, June 6th. Open Text's payout ratio is 42.86%.

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.