Wedge Capital Management L L P NC Increases Holdings in Open Text Co. (NASDAQ:OTEX)

Wedge Capital Management L L P NC raised its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 11.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 93,111 shares of the software maker's stock after buying an additional 9,340 shares during the period. Wedge Capital Management L L P NC's holdings in Open Text were worth $2,352,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Versant Capital Management Inc bought a new stake in shares of Open Text during the 1st quarter valued at $26,000. IFP Advisors Inc grew its position 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 acquiring an additional 515 shares during the period. Blue Trust Inc. grew its position 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 acquiring an additional 398 shares during the period. Parallel Advisors LLC grew its position 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 acquiring an additional 1,331 shares during the period. Finally, Aquatic Capital Management LLC bought a new stake in shares of Open Text during the 4th quarter valued at $60,000. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Price Performance

OTEX stock traded down $0.76 during mid-day trading on Friday, hitting $28.26. The company had a trading volume of 1,479,721 shares, compared to its average volume of 915,728. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 11.49 and a beta of 1.13. Open Text Co. has a 12-month low of $22.79 and a 12-month high of $34.20. 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 50-day moving average price of $27.01 and a 200 day moving average price of $27.57.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, topping 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 business's quarterly revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 EPS. On average, research analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.72%. The ex-dividend date is Friday, June 6th. Open Text's dividend payout ratio is 42.86%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OTEX. National Bankshares cut their price objective on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a research report on Friday, April 25th. Citigroup upped their target price on shares of Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday, May 2nd. CIBC dropped 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. Scotiabank dropped their target price on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. Finally, UBS Group dropped their target price on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Open Text presently has an average rating of "Hold" and a consensus target price of $32.30.

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.