Value Partners Investments Inc. Raises Position in Open Text Co. (NASDAQ:OTEX)

Value Partners Investments Inc. boosted its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 16.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,046,243 shares of the software maker's stock after buying an additional 286,766 shares during the quarter. Open Text accounts for about 7.1% of Value Partners Investments Inc.'s portfolio, making the stock its 3rd largest holding. Value Partners Investments Inc. owned about 0.75% of Open Text worth $85,983,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of OTEX. Wetherby Asset Management Inc. lifted its holdings in Open Text by 2.2% during the first quarter. Wetherby Asset Management Inc. now owns 12,622 shares of the software maker's stock valued at $487,000 after purchasing an additional 272 shares in the last quarter. IFP Advisors Inc boosted its holdings in Open Text by 82.0% in the 3rd quarter. IFP Advisors Inc now owns 870 shares of the software maker's stock worth $31,000 after buying an additional 392 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Open Text by 3.3% during the second quarter. Cerity Partners LLC now owns 14,492 shares of the software maker's stock valued at $602,000 after acquiring an additional 467 shares during the last quarter. Advisor Partners II LLC lifted its position in shares of Open Text by 4.4% in the first quarter. Advisor Partners II LLC now owns 11,097 shares of the software maker's stock valued at $428,000 after acquiring an additional 471 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker's stock worth $34,000 after purchasing an additional 533 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on OTEX shares. TD Securities upped their target price on Open Text from $53.00 to $54.00 and gave the company a "buy" rating in a report on Friday, February 2nd. Royal Bank of Canada reiterated an "outperform" rating and issued a $53.00 target price on shares of Open Text in a report on Friday, February 2nd. CIBC lifted their price target on shares of Open Text from $42.00 to $44.00 and gave the company a "neutral" rating in a research report on Thursday, January 11th. Citigroup lowered their price objective on Open Text from $44.00 to $42.00 and set a "neutral" rating for the company in a research report on Friday, March 22nd. Finally, StockNews.com raised Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, February 6th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $46.25.

Open Text Stock Down 3.1 %

NASDAQ:OTEX traded down $1.15 during trading hours on Wednesday, hitting $36.15. The company's stock had a trading volume of 504,279 shares, compared to its average volume of 569,068. The stock has a market capitalization of $9.85 billion, a P/E ratio of 76.92 and a beta of 1.09. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.10. The stock has a fifty day moving average of $39.19 and a 200-day moving average of $38.72. Open Text Co. has a 52-week low of $32.04 and a 52-week high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.01. Open Text had a net margin of 2.24% and a return on equity of 22.99%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. On average, equities analysts forecast that Open Text Co. will post 4.18 earnings per share for the current year.

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Friday, March 1st were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.00 annualized dividend and a dividend yield of 2.77%. Open Text's payout ratio is currently 212.77%.

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.