Twinbeech Capital LP Takes $360,000 Position in Open Text Co. (NASDAQ:OTEX)

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

Other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc boosted its stake in Open Text by 103.8% in 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 in the last quarter. Blue Trust Inc. raised its holdings in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after buying an additional 398 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in shares of Open Text in the fourth quarter worth $60,000. Generali Asset Management SPA SGR purchased a new position in shares of Open Text in the fourth quarter worth $62,000. Finally, Allworth Financial LP raised its holdings in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after buying an additional 439 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. National Bankshares decreased their price target on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. Royal Bank of Canada decreased their price target on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a report on Tuesday, April 22nd. Barclays decreased their price target on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Finally, TD Securities reduced their target price on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a report on Sunday, February 9th. One investment 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. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $32.30.

Open Text Stock Performance

OTEX traded down $0.02 on Wednesday, reaching $28.43. The stock had a trading volume of 323,769 shares, compared to its average volume of 845,906. Open Text Co. has a 12-month low of $22.79 and a 12-month 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 business's 50-day moving average price is $26.35 and its two-hundred day moving average price is $27.63. The company has a market cap of $7.37 billion, a P/E ratio of 11.55 and a beta of 1.15.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. The company had revenue of $1.25 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.94 earnings per share. Sell-side analysts forecast that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a $0.2625 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.05 annualized dividend and a dividend yield of 3.69%. 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.