Occudo Quantitative Strategies LP Invests $310,000 in Open Text Co. (NASDAQ:OTEX)

Occudo Quantitative Strategies LP purchased a new position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,938 shares of the software maker's stock, valued at approximately $310,000.

Other hedge funds have also made changes to their positions in the company. Choreo LLC purchased a new stake in shares of Open Text in the fourth quarter worth approximately $564,000. Canoe Financial LP raised its position in Open Text by 127.3% during the fourth quarter. Canoe Financial LP now owns 150,000 shares of the software maker's stock valued at $4,242,000 after acquiring an additional 84,000 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Open Text during the fourth quarter valued at approximately $2,372,000. Allspring Global Investments Holdings LLC raised its position in Open Text by 30.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker's stock valued at $4,705,000 after acquiring an additional 39,266 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Open Text by 5.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 19,921 shares of the software maker's stock valued at $563,000 after acquiring an additional 1,049 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. CIBC cut their price objective on shares of Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. 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 report on Friday, May 2nd. StockNews.com raised shares of Open Text from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. TD Securities dropped their price target on shares of Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Sunday, February 9th. Finally, 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 report on Monday, April 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Open Text presently has a consensus rating of "Hold" and a consensus price target of $32.30.

Open Text Stock Performance

OTEX stock traded up $0.23 during trading on Tuesday, reaching $28.35. 1,331,569 shares of the stock were exchanged, compared to its average volume of 836,707. Open Text Co. has a twelve month low of $22.79 and a twelve 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 company has a market capitalization of $7.36 billion, a P/E ratio of 11.52 and a beta of 1.15. The stock has a 50 day simple moving average of $26.10 and a 200-day simple moving average of $27.67.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 23.23% and a net margin of 12.21%. 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 business posted $0.94 earnings per share. Open Text's quarterly revenue was down 13.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The firm 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 dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend is Friday, June 6th. Open Text's payout ratio is 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.