Sei Investments Co. Invests $4.83 Million in Open Text Co. (NASDAQ:OTEX)

Sei Investments Co. acquired a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 160,758 shares of the software maker’s stock, valued at approximately $4,829,000.

Several other institutional investors also recently modified their holdings of OTEX. Allianz Asset Management GmbH grew its holdings in shares of Open Text by 11.3% during the 4th quarter. Allianz Asset Management GmbH now owns 177,452 shares of the software maker’s stock worth $7,495,000 after purchasing an additional 18,047 shares in the last quarter. Campbell & CO Investment Adviser LLC grew its holdings in shares of Open Text by 8.2% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 27,621 shares of the software maker’s stock worth $1,161,000 after purchasing an additional 2,102 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Open Text by 73.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,852,184 shares of the software maker’s stock worth $77,970,000 after purchasing an additional 785,157 shares in the last quarter. Optiver Holding B.V. acquired a new stake in Open Text in the 4th quarter valued at $27,000. Finally, Crossmark Global Holdings Inc. boosted its stake in Open Text by 4.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 25,519 shares of the software maker’s stock valued at $1,073,000 after buying an additional 1,191 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Down 1.4 %

Shares of OTEX opened at $32.82 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47. The firm has a market capitalization of $8.86 billion, a PE ratio of 52.94 and a beta of 1.11. The stock’s fifty day simple moving average is $31.63 and its 200-day simple moving average is $32.30.

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 the consensus estimate of $0.93 by $0.05. Open Text had a return on equity of 25.00% and a net margin of 8.06%. 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 firm posted $0.79 earnings per share. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, research analysts predict that Open Text Co. will post 3.23 earnings per share for the current year.

Open Text Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were paid a dividend of $0.192 per share. 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 dividend payout ratio (DPR) is presently 169.35%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of several recent analyst reports. 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 note on Friday, August 2nd. CIBC decreased their price target on Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, July 19th. BMO Capital Markets decreased their price target on Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research note on Friday, August 2nd. Barclays decreased their price target on Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Finally, Citigroup lifted their price objective on Open Text from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Eight equities research 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, Open Text currently has an average rating of “Hold” and a consensus target price of $38.80.

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.