Heron Bay Capital Management Boosts Position in Open Text Co. (NASDAQ:OTEX)

Heron Bay Capital Management lifted its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 14.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,251 shares of the software maker’s stock after buying an additional 1,545 shares during the quarter. Heron Bay Capital Management’s holdings in Open Text were worth $368,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. JARISLOWSKY FRASER Ltd lifted its holdings in shares of Open Text by 5.1% in the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock valued at $471,415,000 after purchasing an additional 767,822 shares in the last quarter. Vanguard Group Inc. grew its holdings in Open Text by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock valued at $401,693,000 after buying an additional 135,812 shares during the last quarter. FIL Ltd increased its position in Open Text by 25.7% during the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock worth $380,696,000 after buying an additional 1,853,891 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Open Text by 1.1% in the fourth quarter. First Trust Advisors LP now owns 6,965,317 shares of the software maker’s stock worth $292,817,000 after acquiring an additional 74,481 shares during the last quarter. Finally, Cooke & Bieler LP lifted its position in shares of Open Text by 18.6% in the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock valued at $166,325,000 after acquiring an additional 867,978 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Trading Down 0.1 %

Shares of OTEX opened at $32.76 on Friday. The stock’s fifty day simple moving average is $31.38 and its 200 day simple moving average is $32.57. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $8.84 billion, a P/E ratio of 52.84 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The company’s revenue was down 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.79 EPS. On average, equities research analysts forecast that Open Text Co. will post 3.23 earnings per share for the current year.

Open Text Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were given a $0.192 dividend. This represents a $0.77 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Friday, August 30th. Open Text’s payout ratio is currently 169.35%.

Analyst Ratings Changes

OTEX has been the subject of a number of recent research reports. CIBC dropped their price objective on Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. National Bankshares lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a research report on Friday, August 2nd. Jefferies Financial Group decreased their target price on shares of Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. National Bank Financial downgraded Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Finally, Citigroup decreased their price objective on Open Text from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Open Text presently has a consensus rating of “Hold” and an average target price of $38.60.

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.