Aristeia Capital L.L.C. Takes $419,000 Position in Open Text Co. (NASDAQ:OTEX)

Aristeia Capital L.L.C. acquired a new position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 13,953 shares of the software maker’s stock, valued at approximately $419,000.

Several other institutional investors also recently bought and sold shares of OTEX. Optiver Holding B.V. bought a new stake in shares of Open Text in the 4th quarter valued at about $27,000. Ridgewood Investments LLC bought a new position in shares of Open Text during the second quarter valued at approximately $30,000. Headlands Technologies LLC purchased a new position in Open Text during the first quarter valued at approximately $32,000. Assetmark Inc. bought a new position in Open Text in the fourth quarter worth approximately $48,000. Finally, UniSuper Management Pty Ltd lifted its holdings in Open Text by 105.3% during the first quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock worth $151,000 after buying an additional 2,000 shares during the period. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Stock Performance

OTEX opened at $33.56 on Wednesday. The company has a market cap of $8.96 billion, a P/E ratio of 54.13 and a beta of 1.11. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The firm’s 50-day moving average price is $31.46 and its 200-day moving average price is $32.46. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47.

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

Open Text Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were paid a $0.192 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a yield of 2.29%. Open Text’s dividend payout ratio (DPR) is 169.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OTEX. Citigroup cut their price target on Open Text from $37.00 to $32.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Barclays dropped their price objective on Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. National Bank Financial downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Jefferies Financial Group decreased their price target on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Open Text has an average rating of “Hold” and an average target price of $38.60.

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.