Open Text Corporation (NASDAQ:OTEX) Shares Bought by Easterly Investment Partners LLC

Easterly Investment Partners LLC increased its position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 3.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 494,372 shares of the software maker's stock after purchasing an additional 17,784 shares during the quarter. Open Text makes up about 1.0% of Easterly Investment Partners LLC's holdings, making the stock its 27th biggest position. Easterly Investment Partners LLC owned approximately 0.19% of Open Text worth $12,488,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JARISLOWSKY FRASER Ltd boosted its stake in shares of Open Text by 11.8% in the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock valued at $522,879,000 after purchasing an additional 1,957,695 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Open Text by 9.5% in the fourth quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock worth $205,925,000 after acquiring an additional 632,437 shares during the period. Arrowstreet Capital Limited Partnership grew its stake 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 worth $169,555,000 after acquiring an additional 2,586,549 shares during the period. Turtle Creek Asset Management Inc. grew its stake in shares of Open Text by 2.1% in the fourth quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock worth $151,985,000 after acquiring an additional 109,550 shares during the period. Finally, Letko Brosseau & Associates Inc. grew its stake in shares of Open Text by 1.1% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 4,348,755 shares of the software maker's stock worth $123,006,000 after acquiring an additional 49,065 shares during the period. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. UBS Group lowered their price target on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. CIBC cut their price objective on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Barclays cut their price objective on shares of 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. Finally, National Bankshares lowered their target price on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $32.30.

Open Text Stock Performance

NASDAQ:OTEX traded down $0.23 during midday trading on Friday, hitting $28.46. The company's stock had a trading volume of 483,490 shares, compared to its average volume of 961,477. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $34.20. The firm's 50 day moving average is $28.51 and its 200-day moving average is $27.45. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $7.30 billion, a P/E ratio of 11.62 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a return on equity of 22.49% and a net margin of 12.55%. The business's revenue was down 13.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 EPS. Equities analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

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