Northwest & Ethical Investments L.P. Purchases 9,107 Shares of Open Text Co. (NASDAQ:OTEX)

Northwest & Ethical Investments L.P. raised its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 6.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 148,188 shares of the software maker’s stock after acquiring an additional 9,107 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Open Text were worth $4,933,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of OTEX. Price T Rowe Associates Inc. MD lifted its position in shares of Open Text by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 29,585 shares of the software maker’s stock worth $1,149,000 after purchasing an additional 1,056 shares in the last quarter. Value Partners Investments Inc. grew its holdings in shares of Open Text by 17.5% in the 2nd quarter. Value Partners Investments Inc. now owns 2,291,818 shares of the software maker’s stock valued at $68,846,000 after acquiring an additional 341,073 shares in the last quarter. M&G Plc acquired a new stake in shares of Open Text in the second quarter valued at about $404,000. NorthCrest Asset Manangement LLC raised its holdings in Open Text by 3.1% during the second quarter. NorthCrest Asset Manangement LLC now owns 95,604 shares of the software maker’s stock worth $2,872,000 after acquiring an additional 2,834 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Open Text by 11.6% during the second quarter. Assenagon Asset Management S.A. now owns 18,550 shares of the software maker’s stock valued at $557,000 after purchasing an additional 1,926 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Up 1.9 %

Shares of OTEX stock opened at $30.59 on Friday. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a market capitalization of $8.13 billion, a PE ratio of 17.68 and a beta of 1.13. The firm has a 50 day moving average price of $31.74 and a two-hundred day moving average price of $31.01. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the firm posted $0.90 EPS. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, analysts predict that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be given a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Friday, November 29th. This is a boost from Open Text’s previous quarterly dividend of $0.19. Open Text’s payout ratio is presently 60.69%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target on the stock. in a research report on Friday, August 2nd. Barclays lowered their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. BMO Capital Markets lowered their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. Finally, TD Securities cut their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $35.90.

About Open Text

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.