Twinbeech Capital LP Makes New Investment in Open Text Co. (NASDAQ:OTEX)

Twinbeech Capital LP purchased a new stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,716 shares of the software maker's stock, valued at approximately $360,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JARISLOWSKY FRASER Ltd raised its stake in Open Text by 11.8% during the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock valued at $522,879,000 after buying an additional 1,957,695 shares during the last quarter. First Trust Advisors LP raised its stake in 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 acquiring an additional 632,437 shares during the period. Cooke & Bieler LP raised its position in shares of Open Text by 6.6% during the 4th quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock valued at $178,670,000 after purchasing an additional 389,220 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Open Text by 75.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock valued at $169,555,000 after buying an additional 2,586,549 shares in the last quarter. Finally, Turtle Creek Asset Management Inc. boosted its holdings in Open Text by 2.1% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock worth $151,985,000 after buying an additional 109,550 shares during the period. 70.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OTEX has been the topic of several research analyst reports. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Scotiabank reduced their target price on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. Barclays reduced their price objective on 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. Royal Bank of Canada lowered their price objective 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. Finally, National Bankshares dropped their target price on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $32.30.

Open Text Stock Up 1.9%

NASDAQ OTEX traded up $0.55 on Tuesday, hitting $28.50. 1,234,923 shares of the stock were exchanged, compared to its average volume of 844,181. The company has a 50-day moving average price of $26.31 and a 200-day moving average price of $27.63. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a market cap of $7.38 billion, a PE ratio of 11.58 and a beta of 1.15. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $34.20.

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

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend is Friday, June 6th. Open Text's dividend payout ratio is currently 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.