NBC Securities Inc. Boosts Position in Open Text Co. (NASDAQ:OTEX)

NBC Securities Inc. lifted its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 143,737.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,507 shares of the software maker's stock after buying an additional 11,499 shares during the quarter. NBC Securities Inc.'s holdings in Open Text were worth $290,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc purchased a new position in shares of Open Text during the 1st quarter valued at approximately $26,000. IFP Advisors Inc increased its holdings in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after purchasing an additional 398 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Open Text by 219.3% during the 1st quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after purchasing an additional 1,331 shares in the last quarter. Finally, Aquatic Capital Management LLC purchased a new position in shares of Open Text during the 4th quarter valued at approximately $60,000. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Price Performance

OTEX traded down $0.01 on Wednesday, hitting $28.77. 1,506,419 shares of the company's stock were exchanged, compared to its average volume of 910,837. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $34.20. 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 firm has a 50-day moving average price of $26.89 and a 200-day moving average price of $27.57. The stock has a market cap of $7.45 billion, a price-to-earnings ratio of 11.70 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, topping the consensus estimate of $0.81 by $0.01. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The company had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter in the previous year, the company posted $0.94 EPS. The firm's quarterly revenue was down 13.3% on a year-over-year basis. As a group, equities analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.2625 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.05 annualized dividend and a dividend yield of 3.65%. Open Text's dividend payout ratio is presently 42.86%.

Analyst Ratings Changes

Several research firms have recently weighed in on OTEX. CIBC cut their target price on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Barclays dropped their price target on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. BMO Capital Markets dropped their price target on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a research note on Friday, May 2nd. National Bankshares dropped their price target on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research note on Friday, April 25th. Finally, UBS Group dropped their price target on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $32.30.

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.